EastGroup Properties, Inc. (EGP) Issues FY17 Earnings Guidance
EastGroup Properties, Inc. (NYSE:EGP) issued an update on its FY17 earnings guidance on Thursday morning. The company provided EPS guidance of $4.22-4.24 for the period, compared to the Thomson Reuters consensus EPS estimate of $4.22.
Shares of EastGroup Properties, Inc. (NYSE:EGP) opened at 91.54 on Friday. The company’s 50 day moving average is $89.94 and its 200 day moving average is $84.16. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of 38.37 and a beta of 0.98. EastGroup Properties, Inc. has a one year low of $63.99 and a one year high of $92.36.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.61. The company had revenue of $68.75 million for the quarter, compared to analysts’ expectations of $68.74 million. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. EastGroup Properties’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.04 earnings per share. Equities research analysts predict that EastGroup Properties, Inc. will post $2.42 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 2.80%. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Thursday, September 14th. EastGroup Properties’s dividend payout ratio is 108.02%.
Several research firms recently weighed in on EGP. KeyCorp restated a neutral rating on shares of EastGroup Properties in a research report on Friday, August 25th. ValuEngine upgraded shares of EastGroup Properties from a hold rating to a buy rating in a research report on Monday, September 11th. DA Davidson set a $100.00 price objective on shares of EastGroup Properties and gave the stock a hold rating in a research report on Friday. Cantor Fitzgerald reiterated a hold rating and set a $79.00 price target on shares of EastGroup Properties in a research report on Friday. Finally, Sandler O’Neill upgraded shares of EastGroup Properties from a hold rating to a buy rating and increased their price target for the company from $90.00 to $104.00 in a research report on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. EastGroup Properties has a consensus rating of Hold and an average target price of $85.73.
About EastGroup Properties
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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