EastGroup Properties (NYSE:EGP) Releases Quarterly Earnings Results, Misses Estimates By $0.97 EPS

EastGroup Properties (NYSE:EGP) released its earnings results on Wednesday. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97), Yahoo Finance reports. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same quarter last year, the business earned $1.95 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis.

EastGroup Properties Stock Performance

EastGroup Properties stock traded down $2.12 during mid-day trading on Friday, reaching $176.41. The company’s stock had a trading volume of 337,781 shares, compared to its average volume of 296,488. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties has a twelve month low of $155.23 and a twelve month high of $192.61. The business has a 50 day moving average price of $184.18 and a 200-day moving average price of $175.43. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of 38.60, a PEG ratio of 2.65 and a beta of 0.99.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders 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 yield of 3.17%. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

Analyst Ratings Changes

A number of brokerages have recently commented on EGP. Truist Financial raised their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Morgan Stanley increased their price target on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price target for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. Barclays reduced their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. Finally, Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $179.00 to $214.00 in a report on Wednesday, August 28th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average 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.