FY2024 EPS Estimates for EastGroup Properties, Inc. Reduced by Wedbush (NYSE:EGP)

EastGroup Properties, Inc. (NYSE:EGP) – Equities researchers at Wedbush reduced their FY2024 earnings per share (EPS) estimates for shares of EastGroup Properties in a research note issued on Thursday, April 25th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings per share of $8.27 for the year, down from their previous estimate of $8.31. The consensus estimate for EastGroup Properties’ current full-year earnings is $8.31 per share.

Other analysts also recently issued reports about the stock. Evercore ISI reduced their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. assumed coverage on EastGroup Properties in a report on Thursday, April 11th. They issued a “neutral” rating and a $190.00 target price on the stock. Truist Financial boosted their target price on EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a research report on Tuesday, February 20th. Barclays cut their price target on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a report on Monday. Finally, KeyCorp reduced their price objective on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $186.27.

EastGroup Properties Trading Down 1.5 %

Shares of EGP opened at $155.47 on Monday. The firm has a market cap of $7.48 billion, a P/E ratio of 33.70, a price-to-earnings-growth ratio of 2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85. The company has a 50 day simple moving average of $174.31 and a two-hundred day simple moving average of $175.03.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Exchange Traded Concepts LLC lifted its stake in shares of EastGroup Properties by 13.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,589 shares of the real estate investment trust’s stock worth $265,000 after acquiring an additional 190 shares during the last quarter. Monument Capital Management bought a new position in EastGroup Properties in the 3rd quarter valued at $379,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in EastGroup Properties by 6.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock worth $2,958,000 after purchasing an additional 1,035 shares during the period. Mackenzie Financial Corp bought a new stake in shares of EastGroup Properties during the third quarter worth $5,223,000. Finally, Advisor Partners II LLC lifted its position in shares of EastGroup Properties by 54.7% during the third quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust’s stock worth $494,000 after purchasing an additional 1,050 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Insiders Place Their Bets

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

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $1.27 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a yield of 3.27%. EastGroup Properties’s dividend payout ratio is presently 110.20%.

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.