EastGroup Properties (NYSE:EGP) Updates Q3 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $2.06-2.12 for the period, compared to the consensus earnings per share estimate of $2.10. EastGroup Properties also updated its FY 2024 guidance to 8.280-8.380 EPS.

EastGroup Properties Stock Performance

EGP traded up $1.64 during trading hours on Friday, hitting $186.15. The stock had a trading volume of 2,681 shares, compared to its average volume of 284,381. The company’s fifty day simple moving average is $171.03 and its 200 day simple moving average is $173.53. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $192.61. The stock has a market cap of $8.96 billion, a PE ratio of 39.99, a price-to-earnings-growth ratio of 2.89 and a beta of 0.98. The company has a quick ratio of 0.10, a current ratio of 0.21 and a debt-to-equity ratio of 0.60.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share 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 company had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same quarter in the previous year, the firm posted $1.89 EPS. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. Equities analysts anticipate that EastGroup Properties will post 8.3 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $1.27 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.73%. EastGroup Properties’s dividend payout ratio is currently 110.20%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on EGP shares. KeyCorp cut their target price on EastGroup Properties from $198.00 to $178.00 and set an overweight rating on the stock in a research note on Tuesday, April 30th. JPMorgan Chase & Co. lowered their price target on EastGroup Properties from $190.00 to $183.00 and set a neutral rating on the stock in a report on Thursday, May 2nd. BMO Capital Markets began coverage on EastGroup Properties in a report on Monday, April 22nd. They set an outperform rating and a $190.00 price target on the stock. BNP Paribas began coverage on EastGroup Properties in a report on Tuesday, June 4th. They set a neutral rating and a $167.00 price target on the stock. Finally, Piper Sandler lowered their price target on EastGroup Properties from $215.00 to $200.00 and set an overweight rating on the stock in a report on Monday, April 29th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $182.75.

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.