Zacks Investment Research upgraded shares of EastGroup Properties (NYSE:EGP) from a hold rating to a buy rating in a research report report published on Tuesday. The firm currently has $91.00 price target on the real estate investment trust’s stock.
According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “
A number of other equities research analysts also recently weighed in on EGP. Morgan Stanley reissued an equal weight rating and set a $82.00 price target on shares of EastGroup Properties in a research note on Thursday, December 14th. ValuEngine raised shares of EastGroup Properties from a hold rating to a buy rating in a research note on Sunday, December 31st. SunTrust Banks raised shares of EastGroup Properties from a sell rating to a hold rating in a research note on Monday, January 22nd. Mizuho reissued a hold rating and set a $90.00 price target on shares of EastGroup Properties in a research note on Sunday, February 4th. Finally, Sandler O’Neill reissued a buy rating and set a $95.00 price target on shares of EastGroup Properties in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. EastGroup Properties currently has a consensus rating of Hold and an average target price of $88.64.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. The business had revenue of $71.36 million during the quarter, compared to the consensus estimate of $69.66 million. EastGroup Properties had a net margin of 30.34% and a return on equity of 11.58%. EastGroup Properties’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.08 earnings per share. equities research analysts anticipate that EastGroup Properties will post 4.51 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Wednesday, March 21st were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.11%. The ex-dividend date was Tuesday, March 20th. EastGroup Properties’s payout ratio is presently 60.09%.
In other news, Director Fredric H. Gould bought 3,000 shares of the stock in a transaction on Thursday, February 8th. The stock was purchased at an average price of $80.05 per share, with a total value of $240,150.00. Following the completion of the purchase, the director now owns 13,688 shares of the company’s stock, valued at $1,095,724.40. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.90% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of EGP. American International Group Inc. increased its stake in EastGroup Properties by 5.9% in the third quarter. American International Group Inc. now owns 26,435 shares of the real estate investment trust’s stock valued at $2,329,000 after purchasing an additional 1,475 shares in the last quarter. TD Asset Management Inc. increased its position in shares of EastGroup Properties by 5.5% during the third quarter. TD Asset Management Inc. now owns 23,000 shares of the real estate investment trust’s stock worth $2,027,000 after acquiring an additional 1,200 shares in the last quarter. Legal & General Group Plc increased its position in shares of EastGroup Properties by 7.9% during the third quarter. Legal & General Group Plc now owns 149,134 shares of the real estate investment trust’s stock worth $13,143,000 after acquiring an additional 10,906 shares in the last quarter. Schroder Investment Management Group bought a new stake in shares of EastGroup Properties during the third quarter worth $413,000. Finally, Wells Fargo & Company MN increased its position in shares of EastGroup Properties by 35.9% during the third quarter. Wells Fargo & Company MN now owns 317,512 shares of the real estate investment trust’s stock worth $27,979,000 after acquiring an additional 83,825 shares in the last quarter. 96.08% of the stock is owned by hedge funds and other institutional investors.
About EastGroup Properties
EastGroup Properties, Inc 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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