EastGroup Properties (NYSE:EGP) Announces Earnings Results, Misses Expectations By $0.81 EPS

EastGroup Properties (NYSE:EGP – Get Rating) released its quarterly earnings data on Tuesday. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.81), MarketWatch Earnings reports. EastGroup Properties had a return on equity of 11.09% and a net margin of 38.48%. During the same quarter in the previous year, the company earned $1.45 EPS.

Shares of EGP stock opened at $202.29 on Thursday. The company has a market capitalization of $8.43 billion, a PE ratio of 52.00, a price-to-earnings-growth ratio of 4.42 and a beta of 0.86. The firm has a fifty day simple moving average of $197.77 and a 200-day simple moving average of $200.99. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.92. EastGroup Properties has a twelve month low of $148.69 and a twelve month high of $229.84.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, March 31st were paid a $1.10 dividend. The ex-dividend date of this dividend was Wednesday, March 30th. This represents a $4.40 annualized dividend and a dividend yield of 2.18%. EastGroup Properties’s dividend payout ratio (DPR) is presently 113.11%.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC raised its holdings in EastGroup Properties by 13.2% in the fourth quarter. Parametric Portfolio Associates LLC now owns 145,485 shares of the real estate investment trust’s stock valued at $33,149,000 after acquiring an additional 16,955 shares in the last quarter. Morgan Stanley raised its holdings in EastGroup Properties by 30.5% in the second quarter. Morgan Stanley now owns 120,223 shares of the real estate investment trust’s stock valued at $19,771,000 after acquiring an additional 28,093 shares in the last quarter. Barclays PLC raised its holdings in EastGroup Properties by 59.0% in the fourth quarter. Barclays PLC now owns 92,889 shares of the real estate investment trust’s stock valued at $21,164,000 after acquiring an additional 34,471 shares in the last quarter. California State Teachers Retirement System raised its holdings in EastGroup Properties by 3.6% in the fourth quarter. California State Teachers Retirement System now owns 56,169 shares of the real estate investment trust’s stock valued at $12,798,000 after acquiring an additional 1,949 shares in the last quarter. Finally, Comerica Bank raised its holdings in EastGroup Properties by 2.2% in the fourth quarter. Comerica Bank now owns 26,681 shares of the real estate investment trust’s stock valued at $5,234,000 after acquiring an additional 576 shares in the last quarter. 93.57% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have issued reports on EGP. Truist Financial boosted their price objective on shares of EastGroup Properties from $200.00 to $205.00 in a research note on Tuesday, January 18th. Zacks Investment Research downgraded shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, April 15th. Wells Fargo & Company decreased their price objective on shares of EastGroup Properties from $220.00 to $184.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 15th. StockNews.com began coverage on shares of EastGroup Properties in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, Mizuho boosted their price objective on shares of EastGroup Properties from $160.00 to $215.00 in a research note on Thursday, January 13th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, EastGroup Properties presently has a consensus rating of “Hold” and a consensus price target of $210.44.

About EastGroup Properties (Get Rating)

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

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