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

EastGroup Properties (NYSE:EGP) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 8.330-8.370 for the period, compared to the consensus earnings per share estimate of 8.330. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.33-8.37 EPS.

Analysts Set New Price Targets

A number of research firms recently commented on EGP. KeyCorp lifted their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Royal Bank of Canada lifted their price target on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 30th. Morgan Stanley lifted their price target on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, Truist Financial lifted their price target on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and a consensus price target of $191.73.

EastGroup Properties Trading Down 1.2 %

NYSE EGP traded down $2.17 on Friday, reaching $176.36. 221,637 shares of the company were exchanged, compared to its average volume of 296,217. The business’s fifty day moving average price is $184.18 and its 200 day moving average price is $175.43. The stock has a market capitalization of $8.49 billion, a P/E ratio of 38.60, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties has a fifty-two week low of $155.23 and a fifty-two week high of $192.61.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period last year, the firm posted $1.95 EPS. Analysts forecast that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.40 per share. The ex-dividend date was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.18%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is 121.48%.

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.