EastGroup Properties (NYSE:EGP) Releases Q4 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its fourth quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.130-2.170 for the period, compared to the consensus earnings per share estimate of 2.170. The company issued revenue guidance of -. EastGroup Properties also updated its FY 2024 guidance to 8.330-8.370 EPS.

EastGroup Properties Stock Performance

Shares of NYSE EGP traded down $2.60 during midday trading on Thursday, reaching $178.61. 605,116 shares of the stock were exchanged, compared to its average volume of 296,622. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. The firm has a market cap of $8.60 billion, a price-to-earnings ratio of 39.30, a PEG ratio of 2.65 and a beta of 0.99. The firm has a 50-day simple moving average of $184.27 and a two-hundred day simple moving average of $175.41. EastGroup Properties has a twelve month low of $155.23 and a twelve month 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 net margin of 37.16% and a return on equity of 8.69%. The firm had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. During the same quarter in the prior year, the business posted $1.89 EPS. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. As a group, analysts anticipate that EastGroup Properties will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, September 30th. 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 3.14%. EastGroup Properties’s dividend payout ratio (DPR) is 121.48%.

Analysts Set New Price Targets

EGP has been the topic of a number of recent analyst reports. 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 research report on Thursday, October 10th. KeyCorp increased their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Truist Financial boosted their price target on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Wells Fargo & Company raised 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 report on Wednesday, August 28th. Finally, Morgan Stanley boosted their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $191.73.

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.