Analysts expect that Eastgroup Properties Inc (NYSE:EGP) will report $83.55 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Eastgroup Properties’ earnings. The lowest sales estimate is $82.87 million and the highest is $84.04 million. Eastgroup Properties reported sales of $75.33 million during the same quarter last year, which indicates a positive year over year growth rate of 10.9%. The company is expected to issue its next quarterly earnings report on Thursday, October 17th.
On average, analysts expect that Eastgroup Properties will report full-year sales of $328.29 million for the current fiscal year, with estimates ranging from $325.00 million to $330.72 million. For the next year, analysts anticipate that the company will report sales of $353.59 million, with estimates ranging from $341.43 million to $364.20 million. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Eastgroup Properties.
A number of brokerages recently weighed in on EGP. Morgan Stanley upped their price objective on Eastgroup Properties from $105.00 to $110.00 and gave the stock an “equal weight” rating in a report on Monday, June 3rd. Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price target for the company in a research note on Monday, August 5th. Finally, SunTrust Banks boosted their target price on shares of Eastgroup Properties from $105.00 to $115.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $110.65.
In other Eastgroup Properties news, Director David H. Hoster II sold 942 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total value of $104,401.86. Following the transaction, the director now owns 174,588 shares in the company, valued at approximately $19,349,588.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in Eastgroup Properties by 11.4% in the fourth quarter. Geode Capital Management LLC now owns 480,444 shares of the real estate investment trust’s stock worth $44,071,000 after acquiring an additional 49,158 shares during the period. Virtu Financial LLC purchased a new stake in shares of Eastgroup Properties during the first quarter valued at about $211,000. Nisa Investment Advisors LLC lifted its position in shares of Eastgroup Properties by 16.9% during the first quarter. Nisa Investment Advisors LLC now owns 11,890 shares of the real estate investment trust’s stock valued at $1,327,000 after buying an additional 1,720 shares during the last quarter. Westwood Management Corp IL purchased a new stake in shares of Eastgroup Properties during the first quarter valued at about $223,000. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its position in shares of Eastgroup Properties by 1.2% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 25,925 shares of the real estate investment trust’s stock valued at $2,894,000 after buying an additional 320 shares during the last quarter. 87.24% of the stock is owned by institutional investors and hedge funds.
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 Article: How do candlesticks reflect price movement?
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.