Wall Street analysts expect Eastgroup Properties Inc (NYSE:EGP) to post $79.90 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Eastgroup Properties’ earnings. The highest sales estimate is $80.50 million and the lowest is $79.41 million. Eastgroup Properties reported sales of $74.89 million during the same quarter last year, which indicates a positive year over year growth rate of 6.7%. The company is scheduled to announce its next quarterly earnings results after the market closes on Wednesday, July 24th.
On average, analysts expect that Eastgroup Properties will report full year sales of $323.40 million for the current financial year, with estimates ranging from $319.22 million to $327.61 million. For the next fiscal year, analysts forecast that the company will post sales of $346.36 million, with estimates ranging from $330.58 million to $352.20 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Eastgroup Properties.
Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.02. The firm had revenue of $78.79 million for the quarter, compared to the consensus estimate of $78.83 million. Eastgroup Properties had a net margin of 26.82% and a return on equity of 9.19%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.16 EPS.
In related news, Director David H. Hoster II sold 942 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total value of $104,401.86. Following the sale, the director now directly owns 174,588 shares in the company, valued at approximately $19,349,588.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Capital Financial Planning LLC bought a new stake in Eastgroup Properties in the 4th quarter valued at about $52,000. Quantamental Technologies LLC bought a new stake in shares of Eastgroup Properties during the first quarter valued at about $67,000. Rehmann Capital Advisory Group increased its position in shares of Eastgroup Properties by 23.5% during the fourth quarter. Rehmann Capital Advisory Group now owns 766 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 146 shares during the period. Private Capital Group LLC increased its position in shares of Eastgroup Properties by 45.1% during the first quarter. Private Capital Group LLC now owns 721 shares of the real estate investment trust’s stock valued at $81,000 after buying an additional 224 shares during the period. Finally, Huntington National Bank increased its position in shares of Eastgroup Properties by 84.1% during the first quarter. Huntington National Bank now owns 766 shares of the real estate investment trust’s stock valued at $85,000 after buying an additional 350 shares during the period. Institutional investors and hedge funds own 94.38% of the company’s stock.
Shares of NYSE:EGP traded up $0.81 during midday trading on Wednesday, reaching $120.52. The company had a trading volume of 192,760 shares, compared to its average volume of 278,867. The stock has a 50 day simple moving average of $115.06. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.02 and a current ratio of 0.02. The stock has a market capitalization of $4.40 billion, a PE ratio of 25.80, a P/E/G ratio of 4.68 and a beta of 0.81. Eastgroup Properties has a 52-week low of $87.69 and a 52-week high of $120.61.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend is Thursday, June 27th. Eastgroup Properties’s dividend payout ratio is currently 61.67%.
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.
Featured Story: Net Margin
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Eastgroup Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastgroup Properties and related companies with MarketBeat.com's FREE daily email newsletter.