$88.30 Million in Sales Expected for Eastgroup Properties Inc (NYSE:EGP) This Quarter

Equities analysts expect Eastgroup Properties Inc (NYSE:EGP) to post sales of $88.30 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Eastgroup Properties’ earnings. The lowest sales estimate is $86.46 million and the highest is $89.20 million. Eastgroup Properties posted sales of $82.10 million during the same quarter last year, which would indicate a positive year over year growth rate of 7.6%. The business is scheduled to announce its next earnings results on Wednesday, July 22nd.

On average, analysts expect that Eastgroup Properties will report full year sales of $355.76 million for the current financial year, with estimates ranging from $348.01 million to $360.68 million. For the next fiscal year, analysts forecast that the business will report sales of $369.84 million, with estimates ranging from $345.84 million to $384.20 million. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last issued its earnings results on Thursday, April 30th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.29 by ($0.69). The company had revenue of $88.63 million during the quarter, compared to analysts’ expectations of $87.91 million. Eastgroup Properties had a return on equity of 10.83% and a net margin of 35.88%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.20 EPS.

EGP has been the topic of several analyst reports. Royal Bank of Canada lifted their price target on shares of Eastgroup Properties from $102.00 to $108.00 and gave the stock a “sector perform” rating in a research note on Friday, May 8th. Citigroup decreased their price objective on shares of Eastgroup Properties from $133.00 to $98.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Piper Sandler decreased their price objective on shares of Eastgroup Properties from $150.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 14th. Morgan Stanley decreased their price objective on shares of Eastgroup Properties from $130.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 10th. Finally, Evercore ISI initiated coverage on shares of Eastgroup Properties in a report on Friday, February 7th. They issued a “hold” rating and a $128.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Eastgroup Properties has an average rating of “Hold” and a consensus target price of $122.13.

Several institutional investors have recently bought and sold shares of the company. State Street Corp increased its holdings in shares of Eastgroup Properties by 3.7% in the 1st quarter. State Street Corp now owns 2,212,754 shares of the real estate investment trust’s stock worth $232,766,000 after buying an additional 79,470 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Eastgroup Properties by 2.5% in the 1st quarter. Invesco Ltd. now owns 1,348,908 shares of the real estate investment trust’s stock worth $140,934,000 after buying an additional 32,818 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Eastgroup Properties by 4.3% in the 1st quarter. Deutsche Bank AG now owns 801,110 shares of the real estate investment trust’s stock worth $83,699,000 after buying an additional 32,661 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Eastgroup Properties by 8.9% in the 1st quarter. Geode Capital Management LLC now owns 762,670 shares of the real estate investment trust’s stock worth $79,683,000 after buying an additional 62,143 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Eastgroup Properties by 10.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 724,410 shares of the real estate investment trust’s stock worth $96,108,000 after buying an additional 66,155 shares during the last quarter. Hedge funds and other institutional investors own 91.15% of the company’s stock.

Shares of Eastgroup Properties stock traded up $1.88 on Monday, hitting $109.23. 281,118 shares of the company’s stock were exchanged, compared to its average volume of 305,938. The company has a 50-day simple moving average of $104.76 and a 200-day simple moving average of $123.39. The stock has a market capitalization of $4.19 billion, a PE ratio of 34.03, a PEG ratio of 5.04 and a beta of 0.80. Eastgroup Properties has a 1 year low of $83.40 and a 1 year high of $142.69. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.01 and a current ratio of 0.01.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.75 dividend. The ex-dividend date is Monday, June 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.75%. Eastgroup Properties’s dividend payout ratio is currently 60.24%.

About Eastgroup Properties

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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Earnings History and Estimates for Eastgroup Properties (NYSE:EGP)

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