EastGroup Properties (NYSE:EGP) Releases FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $8.17-$8.37 for the period, compared to the consensus estimate of $8.32. EastGroup Properties also updated its FY 2024 guidance to 8.170-8.370 EPS.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. assumed coverage on EastGroup Properties in a research note on Thursday, April 11th. They issued a neutral rating and a $190.00 target price on the stock. BMO Capital Markets initiated coverage on EastGroup Properties in a research note on Monday. They set an outperform rating and a $190.00 price target on the stock. Truist Financial boosted their price target on EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research note on Tuesday, February 20th. Royal Bank of Canada boosted their price target on EastGroup Properties from $180.00 to $190.00 and gave the stock a sector perform rating in a research note on Friday, February 16th. Finally, Barclays began coverage on EastGroup Properties in a report on Wednesday, March 27th. They set an equal weight rating and a $181.00 target price for the company. Ten investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $189.00.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock traded down $2.33 on Thursday, reaching $155.66. The company’s stock had a trading volume of 421,316 shares, compared to its average volume of 289,828. The company has a market capitalization of $7.47 billion, a P/E ratio of 33.77, a PEG ratio of 2.63 and a beta of 0.93. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $188.85. The stock has a 50-day moving average price of $175.93 and a 200-day moving average price of $175.25. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.64.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Insider Activity

In related news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was 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 $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

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.