Zacks Investment Research downgraded shares of EastGroup Properties (NYSE:EGP) from a buy rating to a hold rating in a research note released on Wednesday.
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 research firms have also recently commented on EGP. ValuEngine upgraded EastGroup Properties from a hold rating to a buy rating in a research note on Sunday, December 31st. Sandler O’Neill reiterated a buy rating and issued a $95.00 price target on shares of EastGroup Properties in a research note on Wednesday, February 7th. Mizuho reiterated a hold rating and issued a $90.00 price target on shares of EastGroup Properties in a research note on Sunday, February 4th. Morgan Stanley reiterated an equal weight rating and issued a $82.00 price target on shares of EastGroup Properties in a research note on Thursday, December 14th. Finally, SunTrust Banks upgraded EastGroup Properties from a sell rating to a hold rating in a research note on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $88.64.
EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. EastGroup Properties had a return on equity of 11.58% and a net margin of 30.34%. The company had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $69.66 million. During the same period last year, the business posted $1.08 earnings per share. The firm’s revenue was up 7.6% compared to the same quarter last year. equities research analysts predict that EastGroup Properties will post 4.51 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Wednesday, March 21st were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.14%. The ex-dividend date was Tuesday, March 20th. EastGroup Properties’s payout ratio is 60.09%.
In other news, Director Fredric H. Gould acquired 3,000 shares of EastGroup Properties stock in a transaction dated Thursday, February 8th. The stock was purchased at an average cost of $80.05 per share, for a total transaction of $240,150.00. Following the completion of the purchase, the director now directly owns 13,688 shares in the company, valued at approximately $1,095,724.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.90% of the company’s stock.
Large investors have recently made changes to their positions in the company. SeaCrest Wealth Management LLC purchased a new position in shares of EastGroup Properties in the fourth quarter worth about $148,000. MML Investors Services LLC purchased a new position in shares of EastGroup Properties in the fourth quarter worth about $218,000. Vident Investment Advisory LLC purchased a new position in shares of EastGroup Properties in the fourth quarter worth about $229,000. Connable Office Inc. purchased a new position in shares of EastGroup Properties in the fourth quarter worth about $258,000. Finally, Capital Fund Management S.A. purchased a new position in shares of EastGroup Properties in the fourth quarter worth about $274,000. Hedge funds and other institutional investors own 96.08% of the company’s stock.
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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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