EastGroup Properties, Inc. (NYSE:EGP) Expected to Post Quarterly Sales of $114.16 Million

Brokerages expect EastGroup Properties, Inc. (NYSE:EGPGet Rating) to announce $114.16 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for EastGroup Properties’ earnings, with estimates ranging from $111.20 million to $116.16 million. EastGroup Properties reported sales of $99.58 million in the same quarter last year, which indicates a positive year over year growth rate of 14.6%. The business is scheduled to issue its next earnings results on Monday, January 1st.

On average, analysts expect that EastGroup Properties will report full-year sales of $462.69 million for the current fiscal year, with estimates ranging from $451.80 million to $469.96 million. For the next year, analysts expect that the business will post sales of $511.46 million, with estimates ranging from $501.50 million to $523.97 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow EastGroup Properties.

EastGroup Properties (NYSE:EGPGet Rating) last issued its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.81). EastGroup Properties had a return on equity of 12.84% and a net margin of 45.65%. During the same period in the prior year, the firm posted $1.45 EPS.

EGP has been the subject of several recent research reports. Zacks Investment Research cut EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, April 15th. Wells Fargo & Company cut their target price on 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. Piper Sandler cut their target price on EastGroup Properties from $245.00 to $230.00 in a research note on Wednesday. StockNews.com started coverage on EastGroup Properties in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, Truist Financial upped their target price on EastGroup Properties from $200.00 to $205.00 in a research note on Tuesday, January 18th. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $212.40.

Shares of EGP stock opened at $168.44 on Friday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.87. The stock has a market cap of $7.02 billion, a P/E ratio of 35.54, a price-to-earnings-growth ratio of 3.66 and a beta of 0.87. The stock has a 50 day simple moving average of $196.75 and a 200 day simple moving average of $201.21. EastGroup Properties has a 1 year low of $148.69 and a 1 year high of $229.84.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, March 31st were issued a dividend of $1.10 per share. The ex-dividend date was Wednesday, March 30th. This represents a $4.40 annualized dividend and a dividend yield of 2.61%. EastGroup Properties’s dividend payout ratio (DPR) is presently 92.83%.

Several large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in EastGroup Properties in the fourth quarter valued at $4,392,000. Raymond James & Associates increased its holdings in EastGroup Properties by 0.4% in the fourth quarter. Raymond James & Associates now owns 85,093 shares of the real estate investment trust’s stock valued at $19,389,000 after purchasing an additional 371 shares during the period. Swiss National Bank increased its holdings in EastGroup Properties by 0.6% in the fourth quarter. Swiss National Bank now owns 88,987 shares of the real estate investment trust’s stock valued at $20,276,000 after purchasing an additional 500 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in EastGroup Properties by 4.5% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,674 shares of the real estate investment trust’s stock valued at $3,748,000 after purchasing an additional 715 shares during the period. Finally, TD Asset Management Inc. increased its holdings in EastGroup Properties by 5.5% in the third quarter. TD Asset Management Inc. now owns 29,088 shares of the real estate investment trust’s stock valued at $4,847,000 after purchasing an additional 1,523 shares during the period. Institutional investors own 91.02% of the company’s stock.

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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