EastGroup Properties (NYSE:EGP) Releases FY 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 8.170-8.370 for the period, compared to the consensus earnings per share estimate of 8.330. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.17-$8.37 EPS.

EastGroup Properties Price Performance

Shares of EGP stock traded down $2.33 during trading hours on Thursday, reaching $155.66. The company had a trading volume of 421,316 shares, compared to its average volume of 289,828. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of 33.77, a PEG ratio of 2.63 and a beta of 0.93. The stock has a fifty day moving average of $175.93 and a 200-day moving average of $175.25. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.26%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s payout ratio is currently 110.20%.

Analyst Ratings Changes

EGP has been the subject of a number of recent analyst reports. KeyCorp raised their price target on shares of EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a report on Monday, February 12th. Barclays assumed coverage on shares of EastGroup Properties in a report on Wednesday, March 27th. They issued an equal weight rating and a $181.00 price objective on the stock. Truist Financial lifted their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research report on Tuesday, February 20th. JPMorgan Chase & Co. started coverage on shares of EastGroup Properties in a report on Thursday, April 11th. They issued a neutral rating and a $190.00 price objective on the stock. Finally, Mizuho reaffirmed a neutral rating and issued a $185.00 price objective on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $189.00.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

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.