EastGroup Properties (NYSE:EGP) Releases FY24 Earnings Guidance

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

EastGroup Properties Stock Down 1.4 %

EGP traded down $2.46 during trading on Thursday, hitting $178.75. The company had a trading volume of 384,554 shares, compared to its average volume of 295,551. The company has a market cap of $8.61 billion, a PE ratio of 39.30, a P/E/G ratio of 2.65 and a beta of 0.99. EastGroup Properties has a 1-year low of $155.23 and a 1-year high of $192.61. The business has a 50-day moving average of $184.27 and a 200-day moving average of $175.41. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. During the same period in the prior year, the firm earned $1.89 EPS. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. As a group, analysts forecast that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date was Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio is currently 121.48%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on EGP shares. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Wedbush lifted their target price on EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Truist Financial raised their price target on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. Royal Bank of Canada upped their price objective on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Finally, Barclays lowered 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 note on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.