EastGroup Properties (NYSE:EGP) Updates FY 2022 Earnings Guidance

EastGroup Properties (NYSE:EGPGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $6.84-$6.96 for the period. The company issued revenue guidance of -. EastGroup Properties also updated its Q3 2022 guidance to $1.71-$1.77 EPS.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Truist Financial cut their price objective on shares of EastGroup Properties from $200.00 to $175.00 and set a hold rating on the stock in a research report on Tuesday, May 31st. Morgan Stanley lowered their target price on shares of EastGroup Properties from $215.00 to $195.00 and set an equal weight rating on the stock in a research note on Monday, August 1st. Mizuho lowered their target price on shares of EastGroup Properties from $215.00 to $180.00 and set a na rating on the stock in a research note on Tuesday, May 17th. Evercore ISI set a $185.00 target price on shares of EastGroup Properties in a research note on Monday, June 20th. Finally, Wells Fargo & Company lowered their target price on shares of EastGroup Properties from $184.00 to $170.00 and set an equal weight rating on the stock in a research note on Monday, June 6th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $191.90.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $170.03 on Friday. The firm’s 50 day simple moving average is $159.76 and its 200-day simple moving average is $179.79. The company has a market cap of $7.41 billion, a P/E ratio of 33.08, a price-to-earnings-growth ratio of 3.25 and a beta of 0.87. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.04 and a quick ratio of 0.04. EastGroup Properties has a fifty-two week low of $148.33 and a fifty-two week high of $229.84.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Wednesday, June 29th. EastGroup Properties’s dividend payout ratio (DPR) is currently 85.60%.

Institutional Trading of EastGroup Properties

Several institutional investors have recently made changes to their positions in the stock. Private Advisor Group LLC boosted its holdings in shares of EastGroup Properties by 10.3% during the first quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock worth $246,000 after purchasing an additional 113 shares during the period. Cibc World Markets Corp lifted its stake in EastGroup Properties by 0.7% in the first quarter. Cibc World Markets Corp now owns 20,479 shares of the real estate investment trust’s stock valued at $4,163,000 after acquiring an additional 141 shares during the last quarter. Group One Trading L.P. acquired a new stake in EastGroup Properties in the first quarter valued at approximately $41,000. Engineers Gate Manager LP lifted its stake in EastGroup Properties by 28.9% in the first quarter. Engineers Gate Manager LP now owns 1,776 shares of the real estate investment trust’s stock valued at $361,000 after acquiring an additional 398 shares during the last quarter. Finally, Toroso Investments LLC lifted its stake in EastGroup Properties by 22.1% in the first quarter. Toroso Investments LLC now owns 2,705 shares of the real estate investment trust’s stock valued at $550,000 after acquiring an additional 490 shares during the last quarter. 91.02% of the stock is currently owned by institutional investors and hedge funds.

About EastGroup Properties

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EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

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

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