EastGroup Properties (NYSE:EGP) Issues Q4 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its fourth quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.130-2.170 for the period, compared to the consensus earnings per share estimate of 2.170. The company issued revenue guidance of -. EastGroup Properties also updated its FY 2024 guidance to 8.330-8.370 EPS.

Analysts Set New Price Targets

EGP has been the subject of several analyst reports. Truist Financial boosted their price target on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Evercore ISI boosted their target price on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Morgan Stanley upped their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $179.00 to $214.00 in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada increased their price target on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, EastGroup Properties currently has an average rating of “Moderate Buy” and a consensus price target of $191.73.

EastGroup Properties Stock Down 1.1 %

NYSE EGP traded down $2.00 during trading hours on Friday, hitting $176.53. 540,201 shares of the company traded hands, compared to its average volume of 311,555. The stock has a market capitalization of $8.60 billion, a price-to-earnings ratio of 36.93, a P/E/G ratio of 2.70 and a beta of 0.99. EastGroup Properties has a twelve month low of $155.23 and a twelve month high of $192.61. The business’s 50-day moving average is $184.09 and its 200-day moving average is $175.43. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. EastGroup Properties’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.95 earnings per share. Sell-side analysts anticipate that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is 117.15%.

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.