$1.26 EPS Expected for Eastgroup Properties Inc (NYSE:EGP) This Quarter

Equities analysts forecast that Eastgroup Properties Inc (NYSE:EGP) will announce earnings of $1.26 per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Eastgroup Properties’ earnings. The lowest EPS estimate is $1.23 and the highest is $1.28. Eastgroup Properties reported earnings of $1.18 per share in the same quarter last year, which indicates a positive year over year growth rate of 6.8%. The company is scheduled to report its next quarterly earnings report on Wednesday, February 5th.

According to Zacks, analysts expect that Eastgroup Properties will report full-year earnings of $4.96 per share for the current fiscal year, with EPS estimates ranging from $4.94 to $4.96. For the next year, analysts anticipate that the company will post earnings of $5.27 per share, with EPS estimates ranging from $5.18 to $5.36. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last announced 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 analysts’ expectations of $83.24 million. Eastgroup Properties had a return on equity of 9.16% and a net margin of 28.07%. Eastgroup Properties’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.17 earnings per share.

A number of equities research analysts have recently weighed in on the company. Morgan Stanley raised their price target on Eastgroup Properties from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Citigroup boosted their price target on Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. ValuEngine cut Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus set a $145.00 price objective on Eastgroup Properties and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, SunTrust Banks raised their price objective on shares of Eastgroup Properties from $105.00 to $115.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $123.87.

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 value of $797,040.00. Following the completion of the sale, the director now directly owns 167,646 shares in the company, valued at $22,270,094.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of EGP. Price T Rowe Associates Inc. MD lifted its holdings in Eastgroup Properties by 0.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,979,616 shares of the real estate investment trust’s stock worth $345,576,000 after purchasing an additional 18,209 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Eastgroup Properties during the second quarter worth approximately $106,211,000. Silvercrest Asset Management Group LLC boosted its position in Eastgroup Properties by 0.3% during the second quarter. Silvercrest Asset Management Group LLC now owns 795,368 shares of the real estate investment trust’s stock worth $92,247,000 after purchasing an additional 2,678 shares during the period. Northern Trust Corp boosted its position in Eastgroup Properties by 18.1% during the second quarter. Northern Trust Corp now owns 729,681 shares of the real estate investment trust’s stock worth $84,628,000 after purchasing an additional 112,046 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Eastgroup Properties by 3.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 553,644 shares of the real estate investment trust’s stock valued at $64,212,000 after purchasing an additional 17,083 shares during the last quarter. 90.86% of the stock is currently owned by institutional investors and hedge funds.

NYSE EGP traded up $1.16 on Friday, reaching $136.20. The stock had a trading volume of 226,132 shares, compared to its average volume of 253,677. Eastgroup Properties has a 1 year low of $87.69 and a 1 year high of $138.15. The business has a 50 day moving average price of $132.63 and a 200 day moving average price of $123.39. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 29.16, a P/E/G ratio of 6.21 and a beta of 0.76.

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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