EastGroup Properties (EGP) Scheduled to Post Quarterly Earnings on Wednesday

EastGroup Properties (NYSE:EGP) will be releasing its earnings data after the market closes on Wednesday, October 23rd. Analysts expect the company to announce earnings of $2.10 per share for the quarter. Investors that are interested in participating in the company’s conference call can do so using this link.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The firm had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. During the same quarter last year, the business posted $1.89 earnings per share. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, analysts expect EastGroup Properties to post $8 EPS for the current fiscal year and $9 EPS for the next fiscal year.

EastGroup Properties Trading Up 0.4 %

EastGroup Properties stock opened at $182.83 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The stock has a 50-day simple moving average of $184.33 and a 200 day simple moving average of $175.28. The stock has a market capitalization of $8.80 billion, a P/E ratio of 39.66, a PEG ratio of 2.65 and a beta of 0.99. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $192.61.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.40 per share. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s payout ratio is currently 121.48%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $179.00 to $214.00 in a report on Wednesday, August 28th. Evercore ISI raised their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. KeyCorp lifted their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price target for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Finally, Barclays cut their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.73.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.