EastGroup Properties (NYSE:EGP) Releases FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $8.17-$8.37 for the period, compared to the consensus estimate of $8.32.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EGP. Royal Bank of Canada lifted their price target on EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research report on Friday, February 16th. BMO Capital Markets started coverage on EastGroup Properties in a report on Monday. They set an outperform rating and a $190.00 price target on the stock. Mizuho reissued a neutral rating and set a $185.00 price objective on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Truist Financial lifted their price objective on EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research report on Tuesday, February 20th. Finally, JPMorgan Chase & Co. started coverage on EastGroup Properties in a research report on Thursday, April 11th. They issued a neutral rating and a $190.00 price target for the company. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $188.47.

EastGroup Properties Price Performance

Shares of EGP stock traded up $2.41 during trading hours on Tuesday, hitting $165.75. The company had a trading volume of 322,230 shares, compared to its average volume of 281,394. EastGroup Properties has a 12 month low of $154.75 and a 12 month high of $188.85. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of 36.99, a PEG ratio of 2.52 and a beta of 0.93. The firm’s fifty day moving average is $176.79 and its 200 day moving average is $175.38. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s payout ratio is currently 115.19%.

Insider Transactions at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.