$1.58 EPS expected for EastGroup Properties, Inc. (NYSE:EGP) this quarter

Stock analysts expect EastGroup Properties, Inc. (NYSE:EGP) to report earnings per share (EPS) of $1.58 for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for EastGroup Properties’ earnings, with estimates ranging from $1.56 to $1.59. EastGroup Properties reported earnings of $1.38 per share in the same quarter last year, which would indicate a positive growth rate of 14.5% year over year. The company is expected to release its next earnings report after the market closes on Tuesday, February 8.

According to Zacks, analysts expect EastGroup Properties to report annual earnings of $6.06 per share for the current fiscal year, with EPS estimates ranging from $6.05 to $6.06. For next year, analysts expect the company to post earnings of $6.61 per share, with EPS estimates ranging from $6.52 to $6.72. Zacks EPS calculations are an average average based on a survey of research analysts who track EastGroup Properties.

EastGroup Properties (NYSE:EGP) last released its quarterly results on Tuesday, October 26. The real estate investment trust reported earnings per share of $0.76 for the quarter, missing Thomson Reuters’ consensus estimate of $1.48 per ($0.72). EastGroup Properties had a net margin of 31.12% and a return on equity of 9.13%. The company posted revenue of $104.60 million for the quarter, compared to $101.40 million expected by analysts. In the same quarter a year earlier, the company posted EPS of $1.36. The company’s quarterly revenue increased 13.7% year over year.

Several equity analysts have commented on EGP shares. Royal Bank of Canada raised its price target on EastGroup Properties from $177.00 to $207.00 and gave the company an “industry performance” rating in a research report on Monday, November 8. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a price target of $241.00 on the stock in a Friday, Jan. 7 research report. Truist Financial raised its price target on EastGroup Properties from $200.00 to $205.00 in a research report on Tuesday, January 18. BTIG Research raised its price target on EastGroup Properties from $164.00 to $248.00 and gave the stock a “buy” rating in a Thursday, Dec. 23 research report. Finally, Morgan Stanley raised its price target on EastGroup Properties from $175.00 to $215.00 and gave the stock an “equal weight” rating in a Monday, November 22 research report. Seven equity research analysts gave the stock a hold rating and three gave the company a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $214.44.

(A d)

There are not many days left on the calendar…and yet the global semiconductor market has reached $466.2 billion – despite the pandemic.

Even better, the chip shortage has created huge opportunities for recurring hits.

These four tech companies are well positioned to take advantage of this rapidly growing demand.

In other EastGroup Properties news, EVP John F. Coleman sold 3,199 shares in a trade dated Tuesday, November 16. The stock was sold at an average price of $206.57, for a total value of $660,817.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC website. Also, please Richard Reid Dunbar sold 500 shares in a transaction dated Friday, November 19. The shares were sold at an average price of $204.27, for a total value of $102,135.00. Disclosure of this sale can be found here. Insiders of the company own 1.60% of the shares of the company.

Several large investors have recently changed their positions in EGP. Zimmer Partners LP purchased a new equity position in EastGroup Properties in the second quarter for a value of approximately $76,058,000. FMR LLC increased its stake in shares of EastGroup Properties to 237,405.4% in the second quarter. FMR LLC now owns 266,006 shares of the real estate investment trust worth $43,744,000 after purchasing an additional 265,894 shares in the last quarter. Scout Investments Inc. bought a new stock position in EastGroup Properties in the third quarter for a value of approximately $37,991,000. Invesco Ltd. increased its stake in shares of EastGroup Properties by 26.8% in the second quarter. Invesco Ltd. now owns 764,840 shares of the real estate investment trust worth $125,778,000 after purchasing an additional 161,872 shares in the last quarter. Finally, Eaton Vance Management increased 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 worth $172,992,000 after buying an additional 104,885 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s shares.

NYSE: EGP opened at $199.95 on Friday. The stock’s fifty-day moving average is $211.95 and its 200-day moving average is $189.28. EastGroup Properties has a fifty-two week low of $131.28 and a fifty-two week high of $229.84. The company has a market capitalization of $8.13 billion, a PE ratio of 64.92, a PEG ratio of 3.73 and a beta of 0.79.

The company also recently declared a quarterly dividend, which was paid on Saturday, January 15. Shareholders of record on Friday, December 31 received a dividend of $1.10. The ex-dividend date was Thursday, December 30. This is a boost from EastGroup Properties’ previous quarterly dividend of $0.90. This represents a dividend of $4.40 on an annualized basis and a yield of 2.20%. EastGroup Properties’ dividend payout ratio (DPR) is 142.86%.

EastGroup Properties Company Profile

EastGroup Properties, Inc is an equity real estate investment trust, engaged in the development, acquisition and operation of industrial properties in the United States. It operates through the Industrial Properties segment. Its portfolio includes distribution facilities in Florida, California, Texas, Arizona and North Carolina.

Further reading: What is an initial public offering (IPO)?

Get a Free Copy of Zacks Research Report on EastGroup Properties (EGP)

For more information on Zacks Investment Research’s research offerings, visit Zacks.com

Earnings history and estimates for EastGroup Properties (NYSE:EGP)

This instant news alert was powered by MarketBeat’s storytelling science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in EastGroup Properties right now?

Before you consider EastGroup Properties, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes hold…and EastGroup Properties didn’t make the list.

Although EastGroup Properties currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here