Jefferies Financial Group Weighs in on EastGroup Properties, Inc.’s FY2023 Earnings (NYSE:EGP)


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EastGroup Properties, Inc. (NYSE:EGP) – Research analysts at Jefferies Financial Group increased their FY2023 earnings estimates for EastGroup Properties in a research report issued to clients and investors on Wednesday, January 13th. Jefferies Financial Group analyst J. Petersen now anticipates that the real estate investment trust will post earnings of $6.08 per share for the year, up from their prior estimate of $6.07.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $0.62 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.71). EastGroup Properties had a net margin of 33.84% and a return on equity of 9.94%.

Several other brokerages have also recently commented on EGP. Robert W. Baird assumed coverage on shares of EastGroup Properties in a research report on Tuesday, September 22nd. They set a “neutral” rating and a $140.00 price target on the stock. Mizuho upped their target price on shares of EastGroup Properties from $138.00 to $145.00 and gave the company a “neutral” rating in a report on Monday, November 16th. Finally, Zacks Investment Research cut shares of EastGroup Properties from a “buy” rating to a “hold” rating in a report on Tuesday. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $135.78.

NYSE:EGP traded down $0.59 on Thursday, hitting $134.65. 205 shares of the company’s stock were exchanged, compared to its average volume of 211,648. The firm has a 50-day moving average price of $135.97 and a 200-day moving average price of $133.20. EastGroup Properties has a 52 week low of $83.40 and a 52 week high of $153.26. The company has a market cap of $5.33 billion, a P/E ratio of 43.68, a price-to-earnings-growth ratio of 3.99 and a beta of 0.73.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be issued a dividend of $0.79 per share. The ex-dividend date of this dividend is Wednesday, December 30th. This represents a $3.16 dividend on an annualized basis and a yield of 2.35%. EastGroup Properties’s dividend payout ratio is currently 63.45%.

In other EastGroup Properties news, EVP John F. Coleman sold 3,233 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $136.27, for a total value of $440,560.91. Following the completion of the transaction, the executive vice president now directly owns 94,686 shares in the company, valued at approximately $12,902,861.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Louisiana State Employees Retirement System grew its holdings in shares of EastGroup Properties by 1.0% during the 4th quarter. Louisiana State Employees Retirement System now owns 9,900 shares of the real estate investment trust’s stock worth $1,367,000 after purchasing an additional 100 shares during the period. Sei Investments Co. boosted its position in shares of EastGroup Properties by 1,677.8% in the third quarter. Sei Investments Co. now owns 106,900 shares of the real estate investment trust’s stock worth $13,829,000 after buying an additional 100,887 shares during the period. Van ECK Associates Corp boosted its position in shares of EastGroup Properties by 23.5% in the third quarter. Van ECK Associates Corp now owns 1,166 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 222 shares during the period. Brinker Capital Investments LLC purchased a new stake in shares of EastGroup Properties in the third quarter worth about $394,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of EastGroup Properties by 1.0% in the third quarter. Public Employees Retirement System of Ohio now owns 40,277 shares of the real estate investment trust’s stock worth $5,209,000 after buying an additional 403 shares during the period. Institutional investors and hedge funds own 83.14% of the company’s stock.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

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Earnings History and Estimates for EastGroup Properties (NYSE:EGP)

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