EastGroup Properties (NYSE:EGP) Issues 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.

Analyst Upgrades and Downgrades

EGP has been the topic of several research reports. Morgan Stanley raised their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Barclays lowered their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $179.00 to $214.00 in a research report on Wednesday, August 28th. Finally, KeyCorp increased their price target on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $191.73.

EastGroup Properties Stock Up 0.5 %

Shares of EGP traded up $0.98 during mid-day trading on Wednesday, hitting $181.21. The company’s stock had a trading volume of 355,299 shares, compared to its average volume of 295,118. The company’s 50-day moving average is $184.29 and its 200-day moving average is $175.37. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The firm has a market capitalization 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 has a 52-week low of $155.14 and a 52-week high of $192.61.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same period in the previous year, the firm posted $1.89 earnings per share. The company’s revenue was up 13.7% on a year-over-year basis. On average, equities research analysts forecast that EastGroup Properties will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.40 dividend. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 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.