EastGroup Properties’ (EGP) “Hold” Rating Reaffirmed at Cantor Fitzgerald
Cantor Fitzgerald reaffirmed their hold rating on shares of EastGroup Properties, Inc. (NYSE:EGP) in a research note released on Tuesday. Cantor Fitzgerald currently has a $75.00 price objective on the real estate investment trust’s stock.
“GAAP SSNOI slightly above company outlook for MP and implied a seq. slowdown of 120bps. GAAP rental rates (new and renewal), although strong at 13.9%, were 350bps lower seq. and occupancy declined 70bps after a 120bp seq. decline in 1Q.”,” the firm’s analyst commented.
Other research analysts have also recently issued research reports about the company. Evercore ISI reaffirmed an underperform rating and set a $73.00 target price (up previously from $69.00) on shares of EastGroup Properties in a research note on Sunday, April 23rd. Morgan Stanley raised EastGroup Properties from an underweight rating to an equal weight rating and set a $76.00 target price on the stock in a research note on Wednesday, April 12th. Mizuho upped their target price on EastGroup Properties from $80.00 to $88.00 and gave the company a buy rating in a research note on Monday, April 24th. Stifel Nicolaus upped their target price on EastGroup Properties from $73.00 to $78.00 and gave the company a hold rating in a research note on Monday, April 24th. Finally, Zacks Investment Research raised EastGroup Properties from a hold rating to a buy rating and set a $91.00 target price on the stock in a research note on Tuesday, July 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. EastGroup Properties presently has an average rating of Hold and a consensus price target of $78.88.
EastGroup Properties (NYSE EGP) traded down 0.55% during trading on Tuesday, reaching $86.42. The company had a trading volume of 201,986 shares. The firm’s 50 day moving average is $84.19 and its 200 day moving average is $77.70. The company has a market capitalization of $2.92 billion, a PE ratio of 36.22 and a beta of 0.97. EastGroup Properties has a one year low of $63.99 and a one year high of $87.74.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.60. EastGroup Properties had a return on equity of 12.42% and a net margin of 30.20%. The company had revenue of $67.90 million for the quarter, compared to analysts’ expectations of $67.16 million. During the same period in the previous year, the firm posted $0.99 earnings per share. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities research analysts predict that EastGroup Properties will post $1.77 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Tuesday, May 16th were issued a dividend of $0.62 per share. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $2.48 dividend on an annualized basis and a yield of 2.87%. EastGroup Properties’s dividend payout ratio is currently 104.64%.
In other EastGroup Properties news, insider John F. Coleman sold 5,000 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $80.56, for a total transaction of $402,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David H. Hoster II sold 1,259 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $84.00, for a total value of $105,756.00. Following the sale, the director now owns 186,130 shares of the company’s stock, valued at approximately $15,634,920. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,109 shares of company stock valued at $577,670. 2.90% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of EGP. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in EastGroup Properties by 3.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 5,231 shares of the real estate investment trust’s stock worth $385,000 after buying an additional 180 shares in the last quarter. Wells Fargo & Company MN raised its stake in EastGroup Properties by 9.2% in the first quarter. Wells Fargo & Company MN now owns 223,032 shares of the real estate investment trust’s stock worth $16,400,000 after buying an additional 18,844 shares in the last quarter. Russell Investments Group Ltd. raised its stake in EastGroup Properties by 1.6% in the first quarter. Russell Investments Group Ltd. now owns 46,146 shares of the real estate investment trust’s stock worth $3,393,000 after buying an additional 711 shares in the last quarter. Glen Harbor Capital Management LLC raised its stake in EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 88 shares in the last quarter. Finally, Fisher Asset Management LLC bought a new stake in EastGroup Properties during the first quarter worth $662,000. Institutional investors own 95.83% of the company’s stock.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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