Eastgroup Properties (NYSE:EGP) Sets New 52-Week High at $119.95

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Eastgroup Properties Inc (NYSE:EGP)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $119.95 and last traded at $119.95, with a volume of 301 shares trading hands. The stock had previously closed at $119.57.

A number of analysts recently issued reports on the company. Zacks Investment Research lowered Green Plains from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 27th. Morgan Stanley lowered Meili from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $14.00 to $4.20 in a research note on Monday, June 3rd. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $103.25.

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.02 and a quick ratio of 0.02. The company has a market cap of $4.40 billion, a P/E ratio of 25.52, a P/E/G ratio of 4.68 and a beta of 0.81. The company’s 50 day simple moving average is $115.30.

Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.02. Eastgroup Properties had a return on equity of 9.19% and a net margin of 26.82%. The company had revenue of $78.79 million for the quarter, compared to analyst estimates of $78.83 million. During the same period in the previous year, the company posted $1.16 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, equities research analysts forecast that Eastgroup Properties Inc will post 4.88 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, June 27th. Eastgroup Properties’s payout ratio is 61.67%.

In related news, Director David H. Hoster II sold 942 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total transaction of $104,401.86. Following the completion of the transaction, the director now directly owns 174,588 shares in the company, valued at $19,349,588.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.00% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the stock. Huntington National Bank grew its position in Eastgroup Properties by 84.1% during the first quarter. Huntington National Bank now owns 766 shares of the real estate investment trust’s stock worth $85,000 after buying an additional 350 shares in the last quarter. Stifel Financial Corp grew its position in Eastgroup Properties by 36.3% during the fourth quarter. Stifel Financial Corp now owns 184,198 shares of the real estate investment trust’s stock worth $16,935,000 after buying an additional 49,056 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Eastgroup Properties during the fourth quarter worth about $247,000. California State Teachers Retirement System grew its position in Eastgroup Properties by 2.4% during the fourth quarter. California State Teachers Retirement System now owns 55,142 shares of the real estate investment trust’s stock worth $5,058,000 after buying an additional 1,306 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in Eastgroup Properties by 1.1% during the first quarter. Parametric Portfolio Associates LLC now owns 112,360 shares of the real estate investment trust’s stock worth $12,544,000 after buying an additional 1,277 shares in the last quarter. Institutional investors and hedge funds own 94.38% of the company’s stock.

Eastgroup Properties Company Profile (NYSE:EGP)

EastGroup Properties, Inc 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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