Eastgroup Properties (NYSE:EGP) Updates FY 2019 Earnings Guidance

Eastgroup Properties (NYSE:EGP) issued an update on its FY 2019 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $4.89-4.97 for the period. Eastgroup Properties also updated its FY19 guidance to $4.89-4.97 EPS.

Several analysts have weighed in on the company. Morgan Stanley cut Meili from an equal weight rating to an underweight rating and cut their price objective for the company from $14.00 to $4.20 in a research report on Monday, June 3rd. Zacks Investment Research raised Golub Capital BDC from a hold rating to a buy rating and set a $20.00 price objective on the stock in a research report on Tuesday, July 16th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock has an average rating of Hold and an average target price of $103.03.

Eastgroup Properties stock traded up $0.77 during trading hours on Friday, hitting $120.90. 193,300 shares of the stock traded hands, compared to its average volume of 271,476. The business’s 50-day moving average price is $117.19. The company has a current ratio of 0.02, a quick ratio of 0.02 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $4.41 billion, a P/E ratio of 25.89, a PEG ratio of 4.68 and a beta of 0.81. Eastgroup Properties has a one year low of $87.69 and a one year high of $121.52.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings results on Monday, April 22nd. The real estate investment trust reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.02. Eastgroup Properties had a return on equity of 10.10% and a net margin of 28.98%. The firm had revenue of $78.79 million for the quarter, compared to analysts’ expectations of $78.83 million. During the same period in the previous year, the firm posted $1.16 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts predict that Eastgroup Properties will post 4.89 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a $0.72 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.38%. Eastgroup Properties’s dividend payout ratio is currently 61.67%.

In other news, Director David H. Hoster II sold 942 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total value of $104,401.86. Following the sale, the director now directly owns 174,588 shares of the company’s stock, valued at approximately $19,349,588.04. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

Eastgroup Properties Company Profile

EastGroup Properties, Inc 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.

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Earnings History and Estimates for Eastgroup Properties (NYSE:EGP)

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