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

EastGroup Properties (NYSE:EGP) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 8.280-8.380 for the period, compared to the consensus estimate of 8.290. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.28-8.38 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Evercore ISI cut their price objective on EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a report on Thursday, April 25th. Wedbush upgraded EastGroup Properties from a neutral rating to an outperform rating and increased their price target for the company from $162.00 to $208.00 in a research note on Monday. Mizuho dropped their price target on EastGroup Properties from $185.00 to $175.00 and set a neutral rating on the stock in a research note on Friday, May 31st. KeyCorp dropped their price target on EastGroup Properties from $198.00 to $178.00 and set an overweight rating on the stock in a research note on Tuesday, April 30th. Finally, JPMorgan Chase & Co. dropped their price target on EastGroup Properties from $190.00 to $183.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, EastGroup Properties presently has a consensus rating of Hold and a consensus price target of $182.75.

EastGroup Properties Price Performance

NYSE:EGP traded down $3.61 during trading hours on Wednesday, hitting $186.34. The company’s stock had a trading volume of 290,005 shares, compared to its average volume of 283,505. The stock has a fifty day simple moving average of $170.31 and a 200-day simple moving average of $173.37. The company has a market capitalization of $8.97 billion, a P/E ratio of 40.75, a PEG ratio of 2.98 and a beta of 0.98. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $192.61.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

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.