EastGroup Properties (NYSE:EGP) Issues FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $8.17-$8.37 for the period, compared to the consensus EPS estimate of $8.32. EastGroup Properties also updated its FY 2024 guidance to 8.170-8.370 EPS.

Analysts Set New Price Targets

A number of research firms have issued reports on EGP. Evercore ISI decreased their target price on EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a research report on Thursday. Mizuho reissued a neutral rating and issued a $185.00 target price on shares of EastGroup Properties in a research report on Tuesday, April 2nd. BMO Capital Markets started coverage on EastGroup Properties in a research report on Monday. They issued an outperform rating and a $190.00 price target for the company. Barclays started coverage on EastGroup Properties in a research report on Wednesday, March 27th. They issued an equal weight rating and a $181.00 price target for the company. Finally, Royal Bank of Canada lifted their price target on EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research report on Friday, February 16th. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $189.00.

EastGroup Properties Price Performance

NYSE:EGP traded up $0.76 during trading hours on Friday, hitting $156.50. 46,409 shares of the company’s stock traded hands, compared to its average volume of 286,724. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.64. The business’s fifty day simple moving average is $175.93 and its two-hundred day simple moving average is $175.25. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85. The firm has a market cap of $7.51 billion, a P/E ratio of 33.77, a P/E/G ratio of 2.50 and a beta of 0.93.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is currently 110.20%.

Insiders Place Their Bets

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of 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 filing with the SEC, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.

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.