Key Points
- CFO Staci Tyler sold 1,600 EastGroup Properties shares at an average price of $201.69, generating $322,704 and reducing her ownership by 10.54% to 13,584 shares.
- EastGroup reported quarterly EPS of $1.46, missing the $2.43 consensus estimate, while revenue rose 9.5% year over year to $199.44 million and exceeded expectations.
- The REIT increased its quarterly dividend to $1.75 per share, or $7.00 annualized, for a 3.5% yield. Analysts maintain a “Moderate Buy” consensus with a $221.24 target price.
EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) CFO Staci Tyler sold 1,600 shares of the stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $201.69, for a total value of $322,704.00. Following the sale, the chief financial officer owned 13,584 shares of the company's stock, valued at $2,739,756.96. This represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
EastGroup Properties Price Performance
EGP opened at $199.82 on Tuesday. The stock's 50 day simple moving average is $199.16 and its 200 day simple moving average is $197.77. EastGroup Properties, Inc. has a 1 year low of $172.17 and a 1 year high of $226.71. The firm has a market cap of $10.75 billion, a price-to-earnings ratio of 33.87, a PEG ratio of 4.17 and a beta of 1.00.
EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.97). The company had revenue of $199.44 million during the quarter, compared to the consensus estimate of $197.51 million. EastGroup Properties had a net margin of 41.05% and a return on equity of 8.90%. The business's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.27 EPS. As a group, sell-side analysts anticipate that EastGroup Properties, Inc. will post 9.62 EPS for the current year.
EastGroup Properties Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $1.75 per share. The ex-dividend date was Wednesday, September 30th. This represents a $7.00 dividend on an annualized basis and a yield of 3.5%. This is an increase from EastGroup Properties's previous quarterly dividend of $1.55. EastGroup Properties's dividend payout ratio (DPR) is currently 118.64%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in EGP. Pension & Wealth Management Advisors Inc. bought a new position in EastGroup Properties in the 3rd quarter worth $25,000. Integrated Wealth Concepts LLC purchased a new stake in shares of EastGroup Properties in the 2nd quarter worth about $26,000. CX Institutional boosted its stake in shares of EastGroup Properties by 115.9% during the 3rd quarter. CX Institutional now owns 149 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 80 shares in the last quarter. Glen Eagle Advisors LLC boosted its stake in shares of EastGroup Properties by 96.3% during the 1st quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 104 shares in the last quarter. Finally, Avalon Trust Co bought a new stake in shares of EastGroup Properties during the 1st quarter valued at about $46,000. 92.14% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Piper Sandler cut their price target on shares of EastGroup Properties from $268.00 to $246.00 and set an "overweight" rating on the stock in a report on Monday, October 12th. JPMorgan Chase & Co. upgraded shares of EastGroup Properties from a "neutral" rating to an "overweight" rating and set a $231.00 price objective on the stock in a research report on Thursday, September 24th. Evercore set a $199.00 price objective on shares of EastGroup Properties in a research note on Friday, October 2nd. Robert W. Baird set a $221.00 target price on shares of EastGroup Properties in a report on Friday, July 31st. Finally, Cantor Fitzgerald dropped their target price on shares of EastGroup Properties from $235.00 to $220.00 and set an "overweight" rating for the company in a report on Monday. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, EastGroup Properties currently has an average rating of "Moderate Buy" and a consensus target price of $221.24.
Read Our Latest Analysis on EastGroup Properties
About EastGroup Properties
(
Get Free Report)
EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.
Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.
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