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

Brokerages expect that EastGroup Properties, Inc. (NYSE:EGP – Get Rating) will report sales of $114.16 million for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for EastGroup Properties’ earnings, with the lowest sales estimate coming in at $111.20 million and the highest estimate coming in at $116.16 million. EastGroup Properties posted sales of $99.58 million during the same quarter last year, which would indicate a positive year over year growth rate of 14.6%. The company is expected to issue its next quarterly 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 forecast that the firm will post sales of $511.46 million, with estimates ranging from $501.50 million to $523.97 million. Zacks’ sales calculations are an average based on a survey of analysts that follow EastGroup Properties.

EastGroup Properties (NYSE:EGP – Get Rating) last announced its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates 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 in the previous year, the firm earned $1.45 EPS.

EGP has been the topic of several recent research reports. Piper Sandler reduced their price target on EastGroup Properties from $245.00 to $230.00 in a research report on Wednesday, May 4th. Zacks Investment Research lowered EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Friday, April 15th. Wells Fargo & Company reduced their price target on EastGroup Properties from $220.00 to $184.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 15th. Mizuho cut their price objective on EastGroup Properties from $215.00 to $180.00 and set a “na” rating on the stock in a research report on Tuesday, May 17th. Finally, StockNews.com initiated coverage on EastGroup Properties in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties has an average rating of “Hold” and an average target price of $208.90.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in EastGroup Properties by 22.4% during the fourth 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 during the last quarter. Vanguard Group Inc. raised its stake in shares of EastGroup Properties by 2.2% in the first quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock worth $1,254,651,000 after purchasing an additional 133,344 shares during the last quarter. State Street Corp raised its stake in shares of EastGroup Properties by 11.5% in the first quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock worth $492,949,000 after purchasing an additional 248,538 shares during the last quarter. Eaton Vance Management raised its stake in shares of EastGroup Properties by 11.3% in the third quarter. Eaton Vance Management now owns 1,035,329 shares of the real estate investment trust’s stock worth $172,992,000 after purchasing an additional 104,885 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of EastGroup Properties by 2.1% in the fourth quarter. Geode Capital Management LLC now owns 820,216 shares of the real estate investment trust’s stock worth $186,886,000 after purchasing an additional 17,169 shares during the last quarter. Institutional investors and hedge funds own 91.02% of the company’s stock.

Shares of NYSE EGP opened at $164.37 on Friday. The stock’s 50-day moving average is $187.67 and its 200 day moving average is $197.91. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.87. EastGroup Properties has a 1-year low of $151.22 and a 1-year high of $229.84. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 3.01 and a beta of 0.87.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given a dividend of $1.10 per share. The ex-dividend date is Wednesday, June 29th. This represents a $4.40 annualized dividend and a dividend yield of 2.68%. EastGroup Properties’s dividend 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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