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 8.280-8.380 for the period, compared to the consensus estimate of 8.290. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.28-8.38 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on EGP. BNP Paribas started coverage on EastGroup Properties in a research note on Tuesday, June 4th. They set a neutral rating and a $167.00 price target on the stock. Wedbush raised EastGroup Properties from a neutral rating to an outperform rating and lifted their target price for the stock from $162.00 to $208.00 in a report on Monday. BMO Capital Markets started coverage on EastGroup Properties in a report on Monday, April 22nd. They set an outperform rating and a $190.00 target price for the company. Mizuho decreased their target price on EastGroup Properties from $185.00 to $175.00 and set a neutral rating for the company in a report on Friday, May 31st. Finally, Royal Bank of Canada decreased their target price on EastGroup Properties from $190.00 to $172.00 and set a sector perform rating for the company in a report on Monday, May 6th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $182.75.

EastGroup Properties Stock Performance

NYSE:EGP traded down $1.15 during trading hours on Tuesday, reaching $190.19. The company had a trading volume of 410,478 shares, compared to its average volume of 283,604. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $191.93. The firm has a market cap of $9.16 billion, a PE ratio of 41.45, a price-to-earnings-growth ratio of 2.92 and a beta of 0.98. The business’s 50 day moving average price is $169.80 and its 200-day moving average price is $173.30. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Friday, June 28th. EastGroup Properties’s payout ratio is 110.20%.

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.