EastGroup Properties (NYSE:EGP) Issues FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $8.17-$8.37 for the period, compared to the consensus EPS estimate of $8.32. EastGroup Properties also updated its FY 2024 guidance to 8.170-8.370 EPS.

EastGroup Properties Price Performance

EGP traded down $6.53 on Wednesday, hitting $159.22. 401,929 shares of the company’s stock were exchanged, compared to its average volume of 282,520. EastGroup Properties has a fifty-two week low of $154.75 and a fifty-two week high of $188.85. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average price of $176.44 and a 200-day moving average price of $175.37. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 36.95, a P/E/G ratio of 2.59 and a beta of 0.93.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.08 annualized dividend and a yield of 3.19%. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.19%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research report on Monday. They set an outperform rating and a $190.00 price target on the stock. Truist Financial boosted their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research report on Tuesday, February 20th. Mizuho reissued a neutral rating and set a $185.00 price target on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Royal Bank of Canada boosted their price objective on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a report on Friday, February 16th. Finally, Barclays started 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 on the stock. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, EastGroup Properties has a consensus rating of Hold and an average price target of $188.47.

Insiders Place Their Bets

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.