EastGroup Properties (NYSE:EGP) Releases FY 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 8.170-8.370 for the period, compared to the consensus estimate of 8.330. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.17-$8.37 EPS.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. initiated coverage on shares of EastGroup Properties in a research note on Thursday, April 11th. They issued a neutral rating and a $190.00 price objective for the company. KeyCorp boosted their target price on EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a research report on Monday, February 12th. Barclays began coverage on shares of EastGroup Properties in a research report on Wednesday, March 27th. They set an equal weight rating and a $181.00 target price on the stock. BMO Capital Markets started coverage on shares of EastGroup Properties in a research report on Monday. They set an outperform rating and a $190.00 price objective on the stock. Finally, Mizuho reiterated a neutral rating and issued a $185.00 price target on shares of EastGroup Properties in a report on Tuesday, April 2nd. Ten investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $189.00.

EastGroup Properties Stock Down 1.5 %

Shares of EGP stock traded down $2.33 during trading on Thursday, reaching $155.66. The company’s stock had a trading volume of 421,316 shares, compared to its average volume of 289,828. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $188.85. The stock’s 50-day moving average price is $175.93 and its 200 day moving average price is $175.25. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.28 and a quick ratio of 0.28. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of 33.77, a P/E/G ratio of 2.63 and a beta of 0.93.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $1.27 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a yield of 3.26%. EastGroup Properties’s payout ratio is currently 110.20%.

Insider Activity

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the company’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 transaction of $456,850.00. Following the completion of the sale, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate 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.