EastGroup Properties (NYSE:EGP – Get Free Report) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $2.06-2.12 for the period, compared to the consensus earnings per share estimate of $2.10. EastGroup Properties also updated its FY24 guidance to $8.28-8.38 EPS.
Analyst Ratings Changes
Several analysts have weighed in on the stock. Wedbush raised shares of EastGroup Properties from a neutral rating to an outperform rating and upped their price objective for the stock from $162.00 to $208.00 in a research note on Monday. Mizuho decreased their price objective on shares of EastGroup Properties from $185.00 to $175.00 and set a neutral rating on the stock in a research note on Friday, May 31st. Barclays decreased their price objective on shares of EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a research note on Monday, April 29th. JPMorgan Chase & Co. decreased their price target on shares of EastGroup Properties from $190.00 to $183.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Finally, Robert W. Baird decreased their price target on shares of EastGroup Properties from $195.00 to $175.00 and set an outperform rating on the stock in a research note on Wednesday, May 1st. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of Hold and an average price target of $182.75.
Check Out Our Latest Analysis on EastGroup Properties
EastGroup Properties Trading Down 0.7 %
EastGroup Properties Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $1.27 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.08 annualized dividend and a yield of 2.67%. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.
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.
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