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

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

According to Zacks, analysts expect that EastGroup Properties will report full year sales of $462.69 million for the current year, with estimates ranging from $451.80 million to $469.96 million. For the next financial year, analysts expect that the company will post sales of $511.46 million, with estimates ranging from $501.50 million to $523.97 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover EastGroup Properties.

EastGroup Properties (NYSE:EGPGet Rating) last released its earnings results on Tuesday, April 26th. 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). EastGroup Properties had a net margin of 45.65% and a return on equity of 12.84%. During the same period last year, the company earned $1.45 earnings per share.

A number of analysts recently commented on the stock. StockNews.com started coverage on shares of EastGroup Properties in a report on Thursday, March 31st. They set a “hold” rating on the stock. Truist Financial increased their price objective on shares of EastGroup Properties from $200.00 to $205.00 in a research report 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. Piper Sandler reduced their price objective on shares of EastGroup Properties from $245.00 to $230.00 in a research note on Wednesday, May 4th. Finally, Mizuho increased their price objective on shares of EastGroup Properties from $160.00 to $215.00 in a report on Thursday, January 13th. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $212.40.

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its position in shares of EastGroup Properties by 22.4% in the 4th quarter. BlackRock Inc. now owns 6,579,597 shares of the real estate investment trust’s stock valued at $1,499,159,000 after buying an additional 1,203,642 shares in the last quarter. Norges Bank bought a new position in shares of EastGroup Properties during the 4th quarter valued at approximately $85,438,000. Millennium Management LLC lifted its stake in shares of EastGroup Properties by 153.2% during the 4th quarter. Millennium Management LLC now owns 326,670 shares of the real estate investment trust’s stock valued at $74,432,000 after buying an additional 197,667 shares in the last quarter. Citadel Advisors LLC purchased a new stake in EastGroup Properties in the 4th quarter worth approximately $43,732,000. Finally, State Street Corp lifted its stake in EastGroup Properties by 6.8% in the 4th quarter. State Street Corp now owns 2,163,650 shares of the real estate investment trust’s stock worth $495,341,000 after purchasing an additional 137,049 shares in the last quarter. Institutional investors and hedge funds own 91.02% of the company’s stock.

EGP stock traded down $1.79 during midday trading on Friday, hitting $164.95. The company’s stock had a trading volume of 396,414 shares, compared to its average volume of 268,996. The firm has a 50-day simple moving average of $195.21 and a 200-day simple moving average of $201.08. EastGroup Properties has a 52-week low of $149.23 and a 52-week high of $229.84. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $6.88 billion, a P/E ratio of 35.18, a PEG ratio of 3.44 and a beta of 0.87.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, March 31st were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Wednesday, March 30th. EastGroup Properties’s payout ratio is presently 92.83%.

EastGroup Properties Company Profile (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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