EastGroup Properties (NYSE:EGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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. “
Other equities analysts also recently issued research reports about the company. Mizuho downgraded EastGroup Properties from a “buy” rating to a “neutral” rating in a research report on Monday, October 23rd. Cantor Fitzgerald reiterated a “hold” rating and set a $79.00 price objective on shares of EastGroup Properties in a research report on Friday, October 20th. Sandler O’Neill upgraded EastGroup Properties from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $90.00 to $104.00 in a research report on Tuesday, September 5th. Morgan Stanley reiterated an “equal weight” rating and set a $82.00 price objective on shares of EastGroup Properties in a research report on Thursday, December 14th. Finally, KeyCorp reiterated a “hold” rating on shares of EastGroup Properties in a research report on Sunday, September 24th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. EastGroup Properties presently has a consensus rating of “Hold” and a consensus target price of $88.33.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.61. The firm had revenue of $68.75 million for the quarter, compared to analyst estimates of $68.74 million. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The business’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 earnings per share. research analysts forecast that EastGroup Properties will post 4.23 earnings per share for the current year.
In other EastGroup Properties news, Director David H. Hoster II sold 12,250 shares of EastGroup Properties stock in a transaction on Monday, December 4th. The stock was sold at an average price of $94.10, for a total value of $1,152,725.00. Following the sale, the director now owns 173,880 shares in the company, valued at $16,362,108. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Corkern sold 3,586 shares of EastGroup Properties stock in a transaction on Friday, December 8th. The shares were sold at an average price of $91.75, for a total value of $329,015.50. The disclosure for this sale can be found here. Insiders sold 22,668 shares of company stock worth $2,105,037 in the last 90 days. Company insiders own 2.90% of the company’s stock.
Large investors have recently bought and sold shares of the business. Integrated Investment Consultants LLC acquired a new stake in shares of EastGroup Properties in the third quarter valued at $115,000. Everence Capital Management Inc. acquired a new stake in shares of EastGroup Properties in the third quarter valued at $202,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of EastGroup Properties by 10.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,454 shares of the real estate investment trust’s stock valued at $206,000 after buying an additional 234 shares in the last quarter. Riverhead Capital Management LLC grew its stake in shares of EastGroup Properties by 25.0% in the second quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock valued at $210,000 after buying an additional 500 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of EastGroup Properties in the second quarter valued at $216,000. Institutional investors own 96.08% of the company’s stock.
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EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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