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 (EPS) guidance of 8.170-8.370 for the period, compared to the consensus estimate of 8.330. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.17-$8.37 EPS.

Analyst Ratings Changes

A number of research firms recently commented on EGP. JPMorgan Chase & Co. began coverage on EastGroup Properties in a research report on Thursday, April 11th. They set a neutral rating and a $190.00 price target on the stock. Truist Financial increased their price target on EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research report on Tuesday, February 20th. KeyCorp upped their price objective on EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a report on Monday, February 12th. Mizuho reaffirmed a neutral rating and set a $185.00 price objective on shares of EastGroup Properties in a report on Tuesday, April 2nd. Finally, BMO Capital Markets assumed coverage on EastGroup Properties in a report on Monday. They set an outperform rating and a $190.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and four have given 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 $188.47.

EastGroup Properties Trading Down 4.3 %

Shares of EGP traded down $7.10 during trading hours on Wednesday, reaching $158.65. The stock had a trading volume of 446,497 shares, compared to its average volume of 283,247. 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 has a 52 week low of $154.75 and a 52 week high of $188.85. The firm has a 50-day moving average of $176.44 and a 200 day moving average of $175.37. The company has a market cap of $7.62 billion, a P/E ratio of 36.95, a P/E/G ratio of 2.59 and a beta of 0.93.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.19%.

Insiders Place Their Bets

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate 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.