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

EastGroup Properties (NYSE:EGP) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 8.280-8.380 for the period, compared to the consensus EPS estimate of 8.290. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.28-8.38 EPS.

EastGroup Properties Price Performance

EGP stock traded up $0.49 during trading on Friday, hitting $185.00. 19,339 shares of the company’s stock traded hands, compared to its average volume of 284,497. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $192.61. The stock has a market capitalization of $8.91 billion, a price-to-earnings ratio of 40.15, a P/E/G ratio of 2.89 and a beta of 0.98. The business has a fifty day simple moving average of $171.03 and a 200 day simple moving average of $173.53. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.10 and a current ratio of 0.21.

EastGroup Properties (NYSE:EGP) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.91). The company had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.89 EPS. As a group, research analysts expect that EastGroup Properties will post 8.3 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is currently 110.20%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on EGP shares. Piper Sandler reduced their price target on EastGroup Properties from $215.00 to $200.00 and set an overweight rating on the stock in a report on Monday, April 29th. JPMorgan Chase & Co. decreased their target price on EastGroup Properties from $190.00 to $183.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. Evercore ISI cut 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. KeyCorp lowered their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an overweight rating for the company in a research report on Tuesday, April 30th. Finally, BNP Paribas initiated coverage on shares of EastGroup Properties in a research report on Tuesday, June 4th. They set a neutral rating and a $167.00 target price on the stock. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $182.75.

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.