EastGroup Properties (EGP) Getting Somewhat Positive Press Coverage, Accern Reports

Press coverage about EastGroup Properties (NYSE:EGP) has trended somewhat positive this week, according to Accern Sentiment. The research firm identifies negative and positive news coverage by analyzing more than twenty million news and blog sources in real time. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores closest to one being the most favorable. EastGroup Properties earned a news sentiment score of 0.18 on Accern’s scale. Accern also gave news stories about the real estate investment trust an impact score of 45.7324958111932 out of 100, indicating that recent news coverage is somewhat unlikely to have an effect on the company’s share price in the immediate future.

EGP has been the topic of a number of analyst reports. ValuEngine lowered EastGroup Properties from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Citigroup increased their price objective on EastGroup Properties from $84.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, October 30th. KeyCorp reissued a “hold” rating on shares of EastGroup Properties in a report on Sunday, September 24th. Mizuho lowered EastGroup Properties from a “buy” rating to a “neutral” rating in a report on Monday, October 23rd. Finally, Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Monday, October 2nd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $88.33.

EastGroup Properties (EGP) traded up $0.58 on Thursday, reaching $88.84. The company’s stock had a trading volume of 134,308 shares, compared to its average volume of 196,327. The firm has a market cap of $3,030.00, a price-to-earnings ratio of 37.17, a P/E/G ratio of 4.84 and a beta of 0.98. EastGroup Properties has a 12-month low of $67.69 and a 12-month high of $95.03.

EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, beating 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 company’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.04 EPS. sell-side analysts forecast that EastGroup Properties will post 4.23 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, December 14th. EastGroup Properties’s dividend payout ratio (DPR) is currently 107.11%.

In other EastGroup Properties news, insider Bruce Corkern sold 3,586 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $91.75, for a total value of $329,015.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brent Wood sold 3,300 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $90.26, for a total value of $297,858.00. The disclosure for this sale can be found here. Insiders sold a total of 22,668 shares of company stock worth $2,105,037 in the last ninety days. Insiders own 2.90% of the company’s stock.

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About EastGroup Properties

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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