Eastgroup Properties Inc (NYSE:EGP) – Analysts at KeyCorp raised their FY2019 EPS estimates for Eastgroup Properties in a research report issued on Tuesday, September 24th, Zacks Investment Research reports. KeyCorp analyst C. Mailman now expects that the real estate investment trust will post earnings of $4.93 per share for the year, up from their previous forecast of $4.89. KeyCorp also issued estimates for Eastgroup Properties’ FY2020 earnings at $5.17 EPS.
A number of other research firms have also commented on EGP. Citigroup lifted their price target on shares of Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. ValuEngine lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. SunTrust Banks raised their price objective on shares of Eastgroup Properties from $105.00 to $115.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Zacks Investment Research upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price objective on the stock in a research note on Monday, August 5th. Finally, Morgan Stanley raised their price objective on shares of Eastgroup Properties from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Eastgroup Properties has an average rating of “Hold” and an average target price of $119.65.
Shares of NYSE:EGP traded up $0.45 during trading on Friday, reaching $126.21. The stock had a trading volume of 129,763 shares, compared to its average volume of 214,415. Eastgroup Properties has a 52 week low of $87.69 and a 52 week high of $128.30. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 27.03, a P/E/G ratio of 5.23 and a beta of 0.77. The stock has a fifty day simple moving average of $125.07 and a two-hundred day simple moving average of $117.90.
The business also recently disclosed a 0.72000 dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a dividend yield of 2.4%. Eastgroup Properties’s payout ratio is 64.24%.
In other news, insider Brent Wood sold 3,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $122.56, for a total value of $398,320.00. Following the sale, the insider now owns 93,248 shares in the company, valued at $11,428,474.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director H C. Bailey, Jr. sold 490 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $124.48, for a total transaction of $60,995.20. Following the completion of the sale, the director now owns 3,803 shares in the company, valued at approximately $473,397.44. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. boosted its stake in Eastgroup Properties by 14.8% during the third quarter. Pacer Advisors Inc. now owns 22,119 shares of the real estate investment trust’s stock worth $2,765,000 after buying an additional 2,844 shares in the last quarter. Royal Bank of Canada boosted its stake in Eastgroup Properties by 1.9% during the second quarter. Royal Bank of Canada now owns 127,923 shares of the real estate investment trust’s stock worth $14,836,000 after buying an additional 2,402 shares in the last quarter. HM Payson & Co. acquired a new stake in Eastgroup Properties during the second quarter worth $151,000. Eaton Vance Management boosted its stake in Eastgroup Properties by 14.5% during the second quarter. Eaton Vance Management now owns 167,789 shares of the real estate investment trust’s stock worth $19,460,000 after buying an additional 21,297 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in Eastgroup Properties by 8.4% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 40,151 shares of the real estate investment trust’s stock worth $4,658,000 after buying an additional 3,107 shares in the last quarter. Hedge funds and other institutional investors own 90.74% of the company’s stock.
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.
Recommended Story: What is basic economics?
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.