EastGroup Properties (NYSE:EGP) Updates 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

Shares of EGP stock traded up $2.55 during mid-day trading on Tuesday, hitting $165.89. 322,230 shares of the stock traded hands, compared to its average volume of 281,394. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28. The company’s 50-day simple moving average is $176.79 and its 200-day simple moving average is $175.38. The firm has a market cap of $7.96 billion, a price-to-earnings ratio of 36.99, a price-to-earnings-growth ratio of 2.52 and a beta of 0.93.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.19%.

Analyst Ratings Changes

Several brokerages have recently issued reports on EGP. BMO Capital Markets started coverage on shares of EastGroup Properties in a research note on Monday. They issued an outperform rating and a $190.00 price objective on the stock. Barclays started coverage on EastGroup Properties in a research report on Wednesday, March 27th. They set an equal weight rating and a $181.00 price objective for the company. Royal Bank of Canada increased their price target on EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research report on Friday, February 16th. Mizuho reiterated a neutral rating and issued a $185.00 price target on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. assumed coverage on EastGroup Properties in a research report on Thursday, April 11th. They issued a neutral rating and a $190.00 price target for the company. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $188.47.

Insider Buying and Selling at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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.