EastGroup Properties (NYSE:EGP) Updates Q3 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $2.06-2.12 for the period, compared to the consensus earnings per share estimate of $2.10. EastGroup Properties also updated its FY24 guidance to $8.28-8.38 EPS.

EastGroup Properties Price Performance

Shares of NYSE EGP traded down $1.39 during midday trading on Tuesday, reaching $189.95. 410,473 shares of the stock traded hands, compared to its average volume of 283,604. The company’s 50 day moving average is $169.80 and its 200 day moving average is $173.30. EastGroup Properties has a one year low of $154.75 and a one year high of $191.93. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. The stock has a market capitalization of $9.14 billion, a PE ratio of 41.45, a P/E/G ratio of 2.92 and a beta of 0.98.

EastGroup Properties Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. KeyCorp decreased their target price on shares of EastGroup Properties from $198.00 to $178.00 and set an overweight rating on the stock in a research report on Tuesday, April 30th. Wedbush upgraded 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. Piper Sandler lowered their target price on shares of EastGroup Properties from $215.00 to $200.00 and set an overweight rating for the company in a report on Monday, April 29th. Mizuho dropped their price objective 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, Barclays dropped their target price on shares of EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a research note on Monday, April 29th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $182.75.

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.