Zacks Investment Research upgraded shares of Eastgroup Properties (NYSE:EGP) from a sell rating to a hold rating in a research report report published on Tuesday morning.
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 equities research analysts have also recently issued reports on the company. ValuEngine upgraded Eastgroup Properties from a hold rating to a buy rating in a research note on Sunday, December 31st. Morgan Stanley restated an equal weight rating and issued a $82.00 price objective on shares of Eastgroup Properties in a research note on Thursday, December 14th. Bank of America boosted their price objective on Eastgroup Properties from $100.00 to $103.00 and gave the company a buy rating in a research note on Monday, November 6th. Citigroup boosted their price objective on Eastgroup Properties from $84.00 to $87.00 and gave the company a neutral rating in a research note on Monday, October 30th. Finally, SunTrust Banks set a $85.00 price objective on Eastgroup Properties and gave the company a sell rating in a research note on Sunday, October 29th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $88.33.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data 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. Eastgroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The business had revenue of $68.75 million for the quarter, compared to analysts’ expectations of $68.74 million. During the same period in the previous year, the business posted $1.04 EPS. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. sell-side analysts expect that Eastgroup Properties will post 4.23 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Thursday, December 14th. Eastgroup Properties’s dividend payout ratio is presently 107.11%.
In other news, Director Hayden C. Eaves III sold 3,532 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $92.14, for a total transaction of $325,438.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brent Wood sold 3,300 shares of the business’s stock in a transaction dated Thursday, December 7th. The stock was 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. Over the last quarter, insiders have sold 22,668 shares of company stock worth $2,105,037. Company insiders own 2.90% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank grew its holdings in shares of Eastgroup Properties by 2.2% during the third quarter. Swiss National Bank now owns 56,687 shares of the real estate investment trust’s stock worth $4,995,000 after purchasing an additional 1,200 shares in the last quarter. Prudential Financial Inc. lifted its position in Eastgroup Properties by 2.0% in the third quarter. Prudential Financial Inc. now owns 58,915 shares of the real estate investment trust’s stock valued at $5,192,000 after purchasing an additional 1,130 shares during the last quarter. Schroder Investment Management Group bought a new stake in Eastgroup Properties in the third quarter valued at approximately $413,000. TIAA CREF Investment Management LLC raised its holdings in shares of Eastgroup Properties by 3.2% during the second quarter. TIAA CREF Investment Management LLC now owns 96,915 shares of the real estate investment trust’s stock valued at $8,121,000 after acquiring an additional 2,987 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Eastgroup Properties by 117.5% during the third quarter. First Trust Advisors LP now owns 21,746 shares of the real estate investment trust’s stock valued at $1,916,000 after acquiring an additional 11,747 shares in the last quarter. 96.20% of the stock is owned by institutional investors.
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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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