EastGroup Properties (NYSE:EGP) Issues 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 Trading Down 1.4 %

Shares of NYSE:EGP traded down $2.60 during trading hours on Thursday, hitting $178.61. 605,116 shares of the company’s stock traded hands, compared to its average volume of 296,622. The business has a fifty day moving average price of $184.27 and a 200-day moving average price of $175.41. The firm has a market capitalization of $8.60 billion, a P/E ratio of 39.30, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. 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 has a 1 year low of $155.23 and a 1 year high of $192.61.

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 (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.91). The firm had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period last year, the company earned $1.89 EPS. Equities analysts expect that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.14%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EGP. Royal Bank of Canada increased their target price 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. 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 report on Monday, August 5th. Morgan Stanley raised their target price 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. Evercore ISI boosted their target price on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Finally, Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $179.00 to $214.00 in a report on Wednesday, August 28th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target 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.