Brokerages Expect Eastgroup Properties Inc (EGP) Will Announce Earnings of $1.18 Per Share

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Equities analysts forecast that Eastgroup Properties Inc (NYSE:EGP) will report earnings of $1.18 per share for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Eastgroup Properties’ earnings, with the lowest EPS estimate coming in at $1.17 and the highest estimate coming in at $1.18. Eastgroup Properties posted earnings per share of $1.14 during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.5%. The company is expected to issue its next earnings results on Wednesday, January 30th.

On average, analysts expect that Eastgroup Properties will report full year earnings of $4.67 per share for the current fiscal year, with EPS estimates ranging from $4.66 to $4.68. For the next year, analysts anticipate that the business will report earnings of $4.83 per share, with EPS estimates ranging from $4.77 to $4.97. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.14. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. The business had revenue of $75.30 million for the quarter, compared to the consensus estimate of $74.65 million. During the same period in the prior year, the business posted $1.08 earnings per share. Eastgroup Properties’s revenue for the quarter was up 9.6% compared to the same quarter last year.

A number of equities analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, September 26th. Citigroup upped their price target on shares of Eastgroup Properties from $90.00 to $94.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 30th. Jefferies Financial Group assumed coverage on shares of Eastgroup Properties in a research note on Friday, November 30th. They issued a “hold” rating and a $99.00 price target on the stock. SunTrust Banks set a $92.00 price target on shares of Eastgroup Properties and gave the stock a “hold” rating in a research note on Tuesday, October 23rd. Finally, ValuEngine raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating in a research note on Tuesday, October 23rd. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $98.00.

In related news, EVP John F. Coleman sold 10,000 shares of the company’s stock in a transaction on Wednesday, November 28th. The shares were sold at an average price of $99.57, for a total value of $995,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director H C. Bailey, Jr. sold 264 shares of the company’s stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $97.01, for a total transaction of $25,610.64. The disclosure for this sale can be found here. Insiders sold 16,264 shares of company stock valued at $1,621,011 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Eastgroup Properties by 3.9% during the third quarter. BlackRock Inc. now owns 6,992,530 shares of the real estate investment trust’s stock valued at $668,625,000 after acquiring an additional 260,095 shares during the period. Vanguard Group Inc. boosted its holdings in Eastgroup Properties by 2.2% during the third quarter. Vanguard Group Inc. now owns 5,502,403 shares of the real estate investment trust’s stock valued at $526,140,000 after acquiring an additional 116,567 shares during the period. JPMorgan Chase & Co. boosted its holdings in Eastgroup Properties by 3.2% during the third quarter. JPMorgan Chase & Co. now owns 2,450,207 shares of the real estate investment trust’s stock valued at $234,289,000 after acquiring an additional 75,453 shares during the period. Earnest Partners LLC boosted its holdings in Eastgroup Properties by 14.8% during the third quarter. Earnest Partners LLC now owns 1,010,119 shares of the real estate investment trust’s stock valued at $94,082,000 after acquiring an additional 130,523 shares during the period. Finally, Northern Trust Corp boosted its holdings in Eastgroup Properties by 1.5% during the second quarter. Northern Trust Corp now owns 662,077 shares of the real estate investment trust’s stock valued at $63,268,000 after acquiring an additional 10,068 shares during the period. Hedge funds and other institutional investors own 94.61% of the company’s stock.

Shares of NYSE EGP traded down $0.64 during mid-day trading on Thursday, reaching $98.35. The company had a trading volume of 5,247 shares, compared to its average volume of 141,475. Eastgroup Properties has a twelve month low of $77.74 and a twelve month high of $101.91. The company has a market capitalization of $3.57 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 4.09 and a beta of 0.69.

Eastgroup Properties Company Profile

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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