EastGroup Properties (NYSE:EGP) Releases FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Price Performance

EGP stock traded up $2.41 during mid-day trading on Tuesday, hitting $165.75. The stock had a trading volume of 322,230 shares, compared to its average volume of 281,394. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.64. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85. The firm has a market capitalization of $7.96 billion, a P/E ratio of 36.99, a P/E/G ratio of 2.52 and a beta of 0.93. The firm has a fifty day simple moving average of $176.79 and a 200 day simple moving average of $175.38.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $1.27 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a dividend yield of 3.06%. EastGroup Properties’s dividend payout ratio is currently 115.19%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. KeyCorp lifted their price objective 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. BMO Capital Markets started coverage on shares of EastGroup Properties in a report on Monday. They set an outperform rating and a $190.00 price objective on the stock. Barclays started coverage on shares of EastGroup Properties in a report on Wednesday, March 27th. They set an equal weight rating and a $181.00 price objective on the stock. Mizuho reiterated a neutral rating and set a $185.00 price target on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Finally, Truist Financial upped their price objective on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research report on Tuesday, February 20th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $188.47.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available at 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.