Eastgroup Properties (EGP) Updates FY 2018 Earnings Guidance

Eastgroup Properties (NYSE:EGP) issued an update on its FY 2018 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.66-4.68 for the period. Eastgroup Properties also updated its Q4 guidance to $1.17-1.19 EPS.

EGP stock opened at $94.95 on Friday. Eastgroup Properties has a one year low of $77.74 and a one year high of $99.39. The company has a market cap of $3.34 billion, a PE ratio of 22.29, a PEG ratio of 4.08 and a beta of 0.76.

Eastgroup Properties (NYSE:EGP) last posted its 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 last year, the firm earned $1.08 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, analysts forecast that Eastgroup Properties will post 4.62 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Thursday, September 27th. This is an increase from Eastgroup Properties’s previous quarterly dividend of $0.64. Eastgroup Properties’s dividend payout ratio (DPR) is 67.61%.

Several analysts recently weighed in on the stock. Bank of America lifted their target price on shares of Eastgroup Properties from $100.00 to $103.00 and gave the company a buy rating in a report on Monday, July 16th. Zacks Investment Research upgraded shares of Eastgroup Properties from a hold rating to a buy rating and set a $110.00 target price for the company in a report on Tuesday, September 18th. ValuEngine upgraded shares of Eastgroup Properties from a hold rating to a buy rating in a report on Monday, July 2nd. Mizuho reiterated a hold rating and issued a $92.00 target price on shares of Eastgroup Properties in a report on Monday, July 30th. Finally, Wells Fargo & Co lifted their target price on shares of Eastgroup Properties from $96.00 to $98.00 and gave the company a market perform rating in a report on Monday, July 30th. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $95.09.

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

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

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