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

EastGroup Properties (NYSE:EGP) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 8.170-8.370 for the period, compared to the consensus EPS 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

EastGroup Properties stock traded up $2.55 during trading hours on Tuesday, reaching $165.89. 322,230 shares of the stock were exchanged, compared to its average volume of 281,394. The company has a market cap of $7.96 billion, a P/E ratio of 37.62, a price-to-earnings-growth ratio of 2.52 and a beta of 0.93. 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 twelve month low of $154.75 and a twelve month high of $188.85. The stock has a 50 day moving average of $176.44 and a two-hundred day moving average of $175.37.

EastGroup Properties Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.06%. EastGroup Properties’s payout ratio is currently 115.19%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on EGP. JPMorgan Chase & Co. began coverage on shares of EastGroup Properties in a report on Thursday, April 11th. They issued a neutral rating and a $190.00 price objective for the company. Barclays began 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 for the company. BMO Capital Markets began coverage on shares of EastGroup Properties in a report on Monday. They issued an outperform rating and a $190.00 price objective for the company. Truist Financial raised their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a report on Tuesday, February 20th. Finally, Mizuho reiterated a neutral rating and issued a $185.00 price objective on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $188.47.

Insider Activity

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the transaction, the chief financial officer now owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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.