Eastgroup Properties Inc (EGP) announced its most recent quarterly financial results on Wednesday, Oct-19-2016. EGP reported $1.04 EPS for the quarter. Analysts had a consensus estimate of $1.04. The company posted revenue of $63.19 million in the period, compared to analysts expectations of $62.27 million. EGP’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS.
Many Wall Street Analysts have commented on Eastgroup Properties Inc. Mizuho Initiated Eastgroup Properties Inc on Sep 28, 2016 to “Buy”, Price Target of the shares are set at $83.Eastgroup Properties Inc was Resumed by Morgan Stanley to “Underweight” on Sep 6, 2016. Eastgroup Properties Inc was Downgraded by Stifel to ” Hold” on Jul 22, 2016.
Eastgroup Properties Inc closed down -0.1 points or -0.14% at $69.07 with 1,90,695 shares getting traded on Friday. Post opening the session at $69.11, the shares hit an intraday low of $68.46 and an intraday high of $69.62 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
In a different news, on Aug 18, 2016, Brent Wood (Senior Vice President) sold 3,400 shares at $72.22 per share price. According to the SEC, on Aug 11, 2016, David H Ii Hoster (director) sold 10,000 shares at $73.01 per share price. On Jun 29, 2016, H C Jr Bailey (director) sold 1,339 shares at $67.30 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%).