Jefferies Financial Group Equities Analysts Increase Earnings Estimates for EastGroup Properties, Inc. (NYSE:EGP)

Posted by on May 4th, 2023

EastGroup Properties, Inc. (NYSE:EGP – Get Rating) – Research analysts at Jefferies Financial Group raised their Q2 2023 earnings per share (EPS) estimates for shares of EastGroup Properties in a report released on Monday, May 1st. Jefferies Financial Group analyst J. Petersen now forecasts that the real estate investment trust will post earnings per share of $1.89 for the quarter, up from their prior estimate of $1.84. The consensus estimate for EastGroup Properties’ current full-year earnings is $7.58 per share. Jefferies Financial Group also issued estimates for EastGroup Properties’ Q3 2023 earnings at $1.91 EPS, Q4 2023 earnings at $1.91 EPS, FY2023 earnings at $7.56 EPS and FY2024 earnings at $7.89 EPS.

Other research analysts also recently issued reports about the company. Piper Sandler restated an “overweight” rating and set a $180.00 target price on shares of EastGroup Properties in a research note on Wednesday, February 8th. Morgan Stanley boosted their target price on EastGroup Properties from $150.00 to $158.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 22nd. StockNews.com upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, April 26th. KeyCorp boosted their target price on EastGroup Properties from $170.00 to $174.00 in a research note on Friday, April 28th. Finally, Truist Financial lifted their price target on EastGroup Properties from $170.00 to $180.00 and gave the stock a “hold” rating in a research report on Tuesday, February 21st. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $170.70.

EastGroup Properties Price Performance

Shares of EGP stock opened at $167.00 on Wednesday. EastGroup Properties has a 1-year low of $137.47 and a 1-year high of $180.25. The stock’s fifty day moving average price is $162.97 and its 200 day moving average price is $158.89. The company has a market cap of $7.27 billion, a price-to-earnings ratio of 43.15, a price-to-earnings-growth ratio of 3.89 and a beta of 0.93.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 31st were issued a $1.25 dividend. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $5.00 dividend on an annualized basis and a yield of 2.99%. EastGroup Properties’s payout ratio is 129.20%.

Insider Buying and Selling

In related news, Director Hayden C. Eaves III sold 638 shares of the company’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $163.41, for a total value of $104,255.58. Following the completion of the transaction, the director now owns 7,540 shares of the company’s stock, valued at approximately $1,232,111.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EastGroup Properties

Several large investors have recently bought and sold shares of the company. Huntington National Bank increased its stake in EastGroup Properties by 11.1% during the 3rd quarter. Huntington National Bank now owns 681 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 68 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of EastGroup Properties by 0.6% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,672 shares of the real estate investment trust’s stock valued at $1,685,000 after purchasing an additional 69 shares in the last quarter. Inspire Investing LLC grew its position in shares of EastGroup Properties by 6.0% in the third quarter. Inspire Investing LLC now owns 1,443 shares of the real estate investment trust’s stock valued at $208,000 after purchasing an additional 82 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of EastGroup Properties by 4.3% in the third quarter. Janney Montgomery Scott LLC now owns 2,082 shares of the real estate investment trust’s stock valued at $301,000 after purchasing an additional 85 shares in the last quarter. Finally, SeaCrest Wealth Management LLC grew its position in shares of EastGroup Properties by 6.9% in the third quarter. SeaCrest Wealth Management LLC now owns 1,546 shares of the real estate investment trust’s stock valued at $223,000 after purchasing an additional 100 shares in the last quarter. 89.48% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Company Profile

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EastGroup Properties, Inc is an internally-managed equity real estate investment trust, which engages in the development, acquisition, and operation of industrial properties. The company was founded in 1969 and is headquartered in Ridgeland, MS.

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

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