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

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Truist Financial increased their price target on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. KeyCorp raised their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Wedbush lifted their price target on shares of EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Barclays lowered 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. Finally, Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $191.73.

EastGroup Properties Price Performance

EastGroup Properties stock traded up $0.98 during midday trading on Wednesday, reaching $181.21. 355,299 shares of the stock were exchanged, compared to its average volume of 295,118. The company’s fifty day moving average is $184.29 and its 200-day moving average is $175.37. 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 has a 52 week low of $155.14 and a 52 week high of $192.61. The firm has a market cap of $8.72 billion, a PE ratio of 39.09, a PEG ratio of 2.65 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last posted 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 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 quarter last year, the company posted $1.89 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, sell-side 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. Investors of record on Monday, September 30th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.09%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. 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.