Eastgroup Properties Inc (EGP) is Reiterated by DA Davidson to Neutral, Raises Price Target to $ 65

Eastgroup Properties Inc (EGP) was Reiterated by DA Davidson to “Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 65 from a previous price target of $58 . DA Davidson advised their investors in a research report released on Apr 21, 2016.

On the company’s financial health, Eastgroup Properties Inc reported $0.91 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Apr 20, 2016. Analyst had a consensus of $0.93. The company had revenue of $61.60 million for the quarter, compared to analysts expectations of $61.53 million. The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 EPS.

Eastgroup Properties Inc closed down -0.08 points or -0.13% at $60.75 with 1,51,644 shares getting traded on Monday. Post opening the session at $60.81, the shares hit an intraday low of $60.21 and an intraday high of $61.24 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

In a different news, on Feb 18, 2016, Fredric H Gould (director) purchased 5,000 shares at $51.15 per share price. According to the SEC, on Jun 25, 2015, H C Jr Bailey (director) sold 1,800 shares at $57.89 per share price. On May 5, 2015, H Eric Jr Bolton (director) purchased 850 shares at $56.58 per share price, according to the Form-4 filing with the securities and exchange commission.

EastGroup Properties Inc. (EastGroup) is an equity real estate investment trust (REIT). The Company is focused on the development acquisition and operation of industrial properties in Sunbelt markets throughout the United States. EastGroup holds its properties as long-term investments. The Company owns approximately 307 industrial properties and one office building. These properties are located in the Sunbelt states of Florida Texas Arizona California and North Carolina. EastGroup’s portfolio is approximately 96.3% leased and 96.0% occupied. The Company has developed approximately 37% of its total portfolio (on a square foot basis) including real estate properties and development properties in lease-up and under construction. The Company’s focus is the ownership of business distribution space (80% of the total portfolio) with the remainder in bulk distribution space (16%) and business service space (4%).

Eastgroup Properties Inc

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