EastGroup Properties (NYSE:EGP) Issues Q3 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.060-2.120 for the period, compared to the consensus earnings per share estimate of 2.100. The company issued revenue guidance of -. EastGroup Properties also updated its FY 2024 guidance to 8.280-8.380 EPS.

EastGroup Properties Stock Performance

Shares of EGP stock traded up $1.82 during mid-day trading on Thursday, reaching $187.22. The stock had a trading volume of 155,323 shares, compared to its average volume of 284,823. The firm has a market cap of $9.01 billion, a PE ratio of 40.18, a P/E/G ratio of 2.96 and a beta of 0.98. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties has a one year low of $154.75 and a one year high of $192.61. The firm’s 50 day simple moving average is $170.68 and its 200 day simple moving average is $173.46.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). The firm had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a return on equity of 8.88% and a net margin of 37.16%. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period last year, the business earned $1.89 earnings per share. On average, analysts forecast that EastGroup Properties will post 8.3 EPS for the current year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date was Friday, June 28th. EastGroup Properties’s dividend payout ratio is 110.20%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EGP. Robert W. Baird reduced their target price on shares of EastGroup Properties from $195.00 to $175.00 and set an outperform rating on the stock in a research report on Wednesday, May 1st. Wedbush upgraded EastGroup Properties from a neutral rating to an outperform rating and increased their price objective for the company from $162.00 to $208.00 in a research report on Monday. Evercore ISI lowered their target price on EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a research note on Thursday, April 25th. Barclays decreased their price target on EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a report on Monday, April 29th. Finally, KeyCorp dropped their price objective on EastGroup Properties from $198.00 to $178.00 and set an overweight rating for the company in a report on Tuesday, April 30th. 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, EastGroup Properties presently has a consensus rating of Hold and a consensus price target of $182.75.

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.