Eastgroup Properties (EGP) Issues Q4 Earnings Guidance

Eastgroup Properties (NYSE:EGP) updated its fourth quarter earnings guidance on Thursday. The company provided EPS guidance of $1.17-1.19 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.16. Eastgroup Properties also updated its FY 2018 guidance to $4.66-4.68 EPS.

Several research analysts have issued reports on the company. Mizuho restated a hold rating and set a $92.00 target price on shares of Eastgroup Properties in a research report on Monday, July 30th. Sandler O’Neill set a $105.00 target price on Eastgroup Properties and gave the company a buy rating in a research report on Monday, July 23rd. Zacks Investment Research upgraded Eastgroup Properties from a hold rating to a buy rating and set a $104.00 target price for the company in a research report on Thursday, October 4th. Wells Fargo & Co lifted their price target on shares of Eastgroup Properties from $96.00 to $98.00 and gave the company a market perform rating in a research note on Monday, July 30th. Finally, ValuEngine downgraded shares of Eastgroup Properties from a buy rating to a hold rating in a research note on Tuesday, September 4th. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Eastgroup Properties presently has an average rating of Hold and a consensus price target of $95.09.

Shares of Eastgroup Properties stock traded up $2.75 on Friday, hitting $95.99. 200 shares of the company traded hands, compared to its average volume of 213,183. Eastgroup Properties has a 52 week low of $77.74 and a 52 week high of $99.39. The company has a market capitalization of $3.34 billion, a PE ratio of 22.29, a P/E/G ratio of 4.08 and a beta of 0.76.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.14. Eastgroup Properties had a net margin of 28.00% and a return on equity of 10.26%. The firm had revenue of $75.30 million during the quarter, compared to the consensus estimate of $74.65 million. During the same quarter in the previous year, the firm posted $1.08 earnings per share. The company’s revenue was up 9.6% on a year-over-year basis. As a group, research analysts expect that Eastgroup Properties will post 4.62 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Thursday, September 27th. This is an increase from Eastgroup Properties’s previous quarterly dividend of $0.64. Eastgroup Properties’s payout ratio is currently 67.61%.

In related news, EVP John F. Coleman sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $96.27, for a total value of $481,350.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brent Wood sold 4,700 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $97.40, for a total transaction of $457,780.00. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Eastgroup Properties Company Profile

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.

Further Reading: Bond

Earnings History and Estimates for Eastgroup Properties (NYSE:EGP)

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