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

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

EastGroup Properties Stock Down 1.4 %

Shares of EastGroup Properties stock traded down $2.60 during trading hours on Thursday, reaching $178.61. The company’s stock had a trading volume of 605,116 shares, compared to its average volume of 296,622. The company has a market capitalization of $8.60 billion, a P/E ratio of 39.30, a P/E/G ratio of 2.65 and a beta of 0.99. The stock’s fifty day simple moving average is $184.27 and its two-hundred day simple moving average is $175.41. EastGroup Properties has a one year low of $155.23 and a one year 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 released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. During the same quarter last year, the firm posted $1.89 EPS. EastGroup Properties’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, research analysts forecast that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $1.40 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s dividend payout ratio is presently 121.48%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Royal Bank of Canada increased their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a report on Tuesday, July 30th. Barclays dropped their target price on shares of 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. Truist Financial increased 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. Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Finally, Evercore ISI raised their target price on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, EastGroup Properties presently 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.