EastGroup Properties (NYSE:EGP) Updates FY 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 8.170-8.370 for the period, compared to the consensus EPS estimate of 8.330. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.17-$8.37 EPS.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EGP. Royal Bank of Canada boosted their price target on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research report on Friday, February 16th. KeyCorp lifted their price objective on shares of EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a research report on Monday, February 12th. Truist Financial boosted their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research note on Tuesday, February 20th. Mizuho reaffirmed a neutral rating and set a $185.00 target price on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. initiated coverage on shares of EastGroup Properties in a report on Thursday, April 11th. They issued a neutral rating and a $190.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $189.00.

EastGroup Properties Price Performance

Shares of NYSE:EGP traded up $0.14 during trading on Friday, reaching $155.88. The stock had a trading volume of 75,674 shares, compared to its average volume of 287,048. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85. The business’s 50-day moving average price is $175.93 and its 200 day moving average price is $175.25. The stock has a market capitalization of $7.48 billion, a PE ratio of 33.89, a P/E/G ratio of 2.50 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.28 and a quick 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 3.26%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio is presently 110.20%.

Insider Buying and Selling at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.00% of the company’s stock.

About EastGroup Properties

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.