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

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

EastGroup Properties Trading Down 4.3 %

NYSE EGP traded down $7.10 during trading hours on Wednesday, hitting $158.65. 446,497 shares of the company’s stock were exchanged, compared to its average volume of 283,247. The business’s 50 day moving average is $176.44 and its 200-day moving average is $175.37. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The firm has a market capitalization of $7.62 billion, a P/E ratio of 36.95, a price-to-earnings-growth ratio of 2.59 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.27 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a yield of 3.20%. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.19%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on EGP shares. JPMorgan Chase & Co. started coverage on EastGroup Properties in a research report on Thursday, April 11th. They set a neutral rating and a $190.00 target price on the stock. BMO Capital Markets assumed coverage on EastGroup Properties in a report on Monday. They issued an outperform rating and a $190.00 price objective on the stock. Barclays assumed coverage on EastGroup Properties in a report on Wednesday, March 27th. They issued an equal weight rating and a $181.00 price objective on the stock. KeyCorp raised their price objective on EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a report on Monday, February 12th. Finally, Truist Financial raised their price objective on EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a report on Tuesday, February 20th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $188.47.

Insider Buying and Selling at EastGroup Properties

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

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.