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.

EastGroup Properties Trading Up 1.6 %

NYSE EGP traded up $2.55 on Tuesday, hitting $165.89. The company’s stock had a trading volume of 322,230 shares, compared to its average volume of 281,394. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.64. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $188.85. The company’s 50-day moving average is $176.44 and its 200 day moving average is $175.37. The firm has a market cap of $7.96 billion, a PE ratio of 37.62, a PEG ratio of 2.52 and a beta of 0.93.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 3.06%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.19%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. KeyCorp upped their price objective 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. Truist Financial increased their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research note on Tuesday, February 20th. BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research note on Monday. They set an outperform rating and a $190.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on shares of EastGroup Properties in a research note on Thursday, April 11th. They set a neutral rating and a $190.00 target price on the stock. Finally, Royal Bank of Canada increased their target price on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a sector perform rating in a research note on Friday, February 16th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $188.47.

Insider Buying and Selling

In related news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were 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 owns 102,617 shares in the company, valued at $18,752,230.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is currently owned by corporate insiders.

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.