Equities analysts expect EastGroup Properties, Inc. (NYSE:EGP) to report sales of $69.74 million for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for EastGroup Properties’ earnings, with the highest sales estimate coming in at $70.02 million and the lowest estimate coming in at $69.39 million. EastGroup Properties reported sales of $66.35 million in the same quarter last year, which would indicate a positive year over year growth rate of 5.1%. The company is expected to report its next earnings results on Wednesday, February 7th.

On average, analysts expect that EastGroup Properties will report full year sales of $69.74 million for the current fiscal year, with estimates ranging from $272.19 million to $273.78 million. For the next fiscal year, analysts forecast that the company will post sales of $288.22 million per share, with estimates ranging from $284.41 million to $294.90 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover EastGroup Properties.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.61. EastGroup Properties had a net margin of 30.03% and a return on equity of 11.70%. The firm had revenue of $68.75 million during the quarter, compared to the consensus estimate of $68.74 million. During the same quarter in the prior year, the firm earned $1.04 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis.

Several research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price target for the company in a report on Monday, October 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $82.00 price target on shares of EastGroup Properties in a report on Thursday, December 14th. KeyCorp reiterated a “hold” rating on shares of EastGroup Properties in a report on Sunday, September 24th. ValuEngine cut shares of EastGroup Properties from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Finally, Cantor Fitzgerald upped their price target on shares of EastGroup Properties from $79.00 to $84.00 and gave the company a “neutral” rating in a report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. EastGroup Properties has a consensus rating of “Hold” and a consensus target price of $88.33.

Shares of EastGroup Properties (EGP) traded down $0.87 during trading hours on Friday, reaching $87.13. 177,679 shares of the company’s stock traded hands, compared to its average volume of 197,971. EastGroup Properties has a 1 year low of $67.69 and a 1 year high of $95.03. The company has a market capitalization of $3,140.56, a P/E ratio of 21.72, a PEG ratio of 5.01 and a beta of 0.98.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Thursday, December 14th. EastGroup Properties’s payout ratio is 107.56%.

In related news, insider Bruce Corkern sold 3,586 shares of the stock in a transaction on Friday, December 8th. The shares were sold at an average price of $91.75, for a total transaction of $329,015.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brent Wood sold 3,300 shares of the stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $90.26, for a total transaction of $297,858.00. The disclosure for this sale can be found here. Insiders have sold 22,668 shares of company stock valued at $2,105,037 in the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Swiss National Bank lifted its stake in EastGroup Properties by 2.2% in the third quarter. Swiss National Bank now owns 56,687 shares of the real estate investment trust’s stock valued at $4,995,000 after acquiring an additional 1,200 shares during the last quarter. Prudential Financial Inc. lifted its stake in EastGroup Properties by 2.0% in the third quarter. Prudential Financial Inc. now owns 58,915 shares of the real estate investment trust’s stock valued at $5,192,000 after acquiring an additional 1,130 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in EastGroup Properties by 11.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 352,151 shares of the real estate investment trust’s stock valued at $29,511,000 after acquiring an additional 36,154 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in EastGroup Properties by 2.8% in the second quarter. JPMorgan Chase & Co. now owns 2,450,299 shares of the real estate investment trust’s stock valued at $205,335,000 after acquiring an additional 66,858 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its stake in EastGroup Properties by 3.2% in the second quarter. TIAA CREF Investment Management LLC now owns 96,915 shares of the real estate investment trust’s stock valued at $8,121,000 after acquiring an additional 2,987 shares during the last quarter. Institutional investors and hedge funds own 96.08% of the company’s stock.

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

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