EastGroup Properties (NYSE:EGP) Issues Earnings Results

EastGroup Properties (NYSE:EGP) released its quarterly earnings results on Wednesday. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97), Yahoo Finance reports. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same quarter last year, the business earned $1.95 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis.

EastGroup Properties Stock Down 1.2 %

EGP traded down $2.12 during trading on Friday, hitting $176.41. The stock had a trading volume of 337,781 shares, compared to its average volume of 296,488. The stock has a 50 day simple moving average of $184.18 and a two-hundred day simple moving average of $175.43. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. EastGroup Properties has a twelve month low of $155.23 and a twelve month high of $192.61. The company has a market capitalization of $8.49 billion, a PE ratio of 38.60, a PEG ratio of 2.65 and a beta of 0.99.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is 121.48%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Royal Bank of Canada boosted their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. KeyCorp lifted their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Barclays lowered their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Finally, Wedbush restated an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a report on Friday. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $191.73.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.