EastGroup Properties (NYSE:EGP) Updates FY24 Earnings Guidance

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barclays assumed coverage on shares of EastGroup Properties in a report on Wednesday, March 27th. They set an equal weight rating and a $181.00 price target for the company. Evercore ISI decreased their target price on EastGroup Properties from $190.00 to $178.00 and set an in-line rating on the stock in a research report on Thursday. Truist Financial lifted their price objective on EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a report on Tuesday, February 20th. KeyCorp lifted their target price on shares of EastGroup Properties from $188.00 to $198.00 and gave the company an overweight rating in a research note on Monday, February 12th. Finally, Mizuho restated a neutral rating and issued a $185.00 price objective on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $189.00.

EastGroup Properties Trading Down 1.5 %

Shares of EGP stock traded down $2.33 on Thursday, hitting $155.66. The stock had a trading volume of 421,316 shares, compared to its average volume of 289,828. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The firm has a market cap of $7.47 billion, a P/E ratio of 33.77, a PEG ratio of 2.63 and a beta of 0.93. 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 company has a fifty day moving average price of $175.93 and a two-hundred day moving average price of $175.25.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is 110.20%.

Insider Buying and Selling

In related news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company 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.