EastGroup Properties (NYSE:EGP) Releases FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $8.33-8.37 for the period, compared to the consensus earnings per share estimate of $8.33.

EastGroup Properties Price Performance

EGP stock traded up $0.98 during midday trading on Wednesday, reaching $181.21. 355,299 shares of the company’s stock traded hands, compared to its average volume of 295,118. The company has a 50-day simple moving average of $184.29 and a two-hundred day simple moving average of $175.37. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties has a 1-year low of $155.14 and a 1-year high of $192.61. The company has a market cap of $8.72 billion, a price-to-earnings ratio of 39.09, a PEG ratio of 2.65 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The business had revenue of $159.09 million during 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 quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.89 earnings per share. On average, analysts anticipate that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.09%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date was Monday, September 30th. EastGroup Properties’s dividend payout ratio is presently 121.48%.

Analyst Ratings Changes

Several research firms recently weighed in on EGP. Barclays dropped their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. KeyCorp upped their price target on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Wedbush boosted their price objective on EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $179.00 to $214.00 in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada boosted their price target on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.73.

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.