EastGroup Properties (NYSE:EGP) Issues Earnings Results, Misses Expectations By $0.91 EPS

EastGroup Properties (NYSE:EGP) posted its quarterly earnings data on Tuesday. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91), Zacks reports. The company had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a return on equity of 8.70% and a net margin of 36.36%. The business’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.89 earnings per share.

EastGroup Properties Trading Down 2.5 %

EGP stock traded down $4.71 during mid-day trading on Wednesday, hitting $185.24. 585,161 shares of the company were exchanged, compared to its average volume of 285,552. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $8.92 billion, a P/E ratio of 40.75, a PEG ratio of 2.98 and a beta of 0.98. The business has a fifty day simple moving average of $170.31 and a 200-day simple moving average of $173.37. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $192.61.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Piper Sandler reduced their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. KeyCorp reduced their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday, April 30th. Robert W. Baird reduced their price objective on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. BNP Paribas began coverage on shares of EastGroup Properties in a research report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price objective for the company. Finally, Mizuho reduced their target price on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price 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.