EastGroup Properties (NYSE:EGP) Releases FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $8.33-8.37 for the period, compared to the consensus estimate of $8.33.

EastGroup Properties Stock Up 0.5 %

EGP traded up $0.98 on Wednesday, hitting $181.21. 355,299 shares of the company were exchanged, compared to its average volume of 295,118. The stock’s fifty day moving average is $184.29 and its 200-day moving average is $175.37. EastGroup Properties has a 12 month low of $155.14 and a 12 month high of $192.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The company 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 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 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 company had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same quarter in the prior year, the company earned $1.89 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. Equities research analysts predict that EastGroup Properties will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.40 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.09%. This is a boost 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

EGP has been the topic of a number of research analyst reports. Morgan Stanley upped their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Royal Bank of Canada upped their price objective on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 30th. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $179.00 to $214.00 in a research note on Wednesday, August 28th. KeyCorp increased their price target on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Evercore ISI lifted their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Six research analysts have rated the stock with a hold rating and nine have assigned 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 target price 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.