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

EastGroup Properties (NYSE:EGP) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 2.130-2.170 for the period, compared to the consensus 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 EGP stock traded up $0.96 during mid-day trading on Wednesday, reaching $181.19. 355,299 shares of the company’s stock traded hands, compared to its average volume of 295,118. The firm has a 50 day moving average price of $184.29 and a two-hundred day moving average price of $175.37. The firm has a market capitalization of $8.72 billion, a PE ratio of 39.09, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. EastGroup Properties has a 12 month low of $155.14 and a 12 month high of $192.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

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

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.40 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.09%. EastGroup Properties’s payout ratio is 121.48%.

Wall Street Analysts Forecast Growth

EGP has been the subject of several research analyst reports. Morgan Stanley lifted their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Barclays decreased their target price on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. KeyCorp lifted their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, Truist Financial raised their price objective on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $191.73.

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.