Eastgroup Properties Inc (NYSE:EGP) Expected to Post Quarterly Sales of $86.16 Million

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Equities research analysts forecast that Eastgroup Properties Inc (NYSE:EGP) will report sales of $86.16 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Eastgroup Properties’ earnings, with the highest sales estimate coming in at $87.20 million and the lowest estimate coming in at $84.82 million. Eastgroup Properties reported sales of $77.98 million during the same quarter last year, which would suggest a positive year over year growth rate of 10.5%. The business is scheduled to report its next quarterly earnings results on Wednesday, February 5th.

According to Zacks, analysts expect that Eastgroup Properties will report full year sales of $330.27 million for the current financial year, with estimates ranging from $325.00 million to $333.31 million. For the next year, analysts forecast that the firm will report sales of $363.25 million, with estimates ranging from $347.19 million to $380.15 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.25 by ($0.65). The firm had revenue of $83.94 million for the quarter, compared to the consensus estimate of $83.24 million. Eastgroup Properties had a return on equity of 9.16% and a net margin of 28.07%. Eastgroup Properties’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.17 earnings per share.

Several research firms recently issued reports on EGP. ValuEngine downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Citigroup upped their price objective on shares of Eastgroup Properties from $109.00 to $129.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Stifel Nicolaus set a $145.00 price objective on shares of Eastgroup Properties and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Morgan Stanley upped their price objective on shares of Eastgroup Properties from $120.00 to $130.00 and gave the stock an “equal weight” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $130.60.

In related news, Director David H. Hoster II sold 6,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $132.84, for a total transaction of $797,040.00. Following the completion of the transaction, the director now directly owns 167,646 shares in the company, valued at approximately $22,270,094.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its stake in shares of Eastgroup Properties by 296.1% during the first quarter. First Trust Advisors LP now owns 27,179 shares of the real estate investment trust’s stock worth $3,034,000 after buying an additional 20,317 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in shares of Eastgroup Properties during the second quarter worth about $81,000. State Treasurer State of Michigan acquired a new stake in shares of Eastgroup Properties during the second quarter worth about $1,264,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Eastgroup Properties by 81.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 43,054 shares of the real estate investment trust’s stock worth $4,993,000 after buying an additional 19,346 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Eastgroup Properties by 101.7% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 52,300 shares of the real estate investment trust’s stock worth $6,066,000 after buying an additional 26,375 shares during the period. Hedge funds and other institutional investors own 90.86% of the company’s stock.

Shares of NYSE EGP traded up $0.23 during trading hours on Monday, hitting $132.51. 265,034 shares of the stock were exchanged, compared to its average volume of 190,887. The company’s 50 day moving average is $133.57 and its 200 day moving average is $124.14. The firm has a market capitalization of $5.15 billion, a P/E ratio of 28.37, a P/E/G ratio of 6.13 and a beta of 0.76. Eastgroup Properties has a one year low of $87.69 and a one year high of $138.15.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be paid a dividend of $0.75 per share. This is a boost from Eastgroup Properties’s previous quarterly dividend of $0.72. This represents a $3.00 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, December 27th. Eastgroup Properties’s dividend payout ratio is presently 64.24%.

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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