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 also updated its FY 2024 guidance to 8.330-8.370 EPS.

EastGroup Properties Stock Up 0.5 %

Shares of NYSE:EGP traded up $0.96 during trading on Wednesday, hitting $181.19. 355,299 shares of the company were exchanged, compared to its average volume of 295,118. EastGroup Properties has a fifty-two week low of $155.14 and a fifty-two week high of $192.61. The stock has a market cap of $8.72 billion, a price-to-earnings ratio of 39.09, a P/E/G ratio of 2.65 and a beta of 0.99. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The firm has a fifty day moving average price of $184.29 and a two-hundred day moving average price of $175.37.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The firm had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. EastGroup Properties’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 earnings per share. As a group, research analysts anticipate that EastGroup Properties will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 3.09%. EastGroup Properties’s payout ratio is currently 121.48%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Royal Bank of Canada lifted their price target on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Mizuho upgraded 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. Morgan Stanley raised 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. Barclays decreased 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 shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $179.00 to $214.00 in a research note on Wednesday, August 28th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average price target 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.