EastGroup Properties (NYSE:EGP) Releases FY24 Earnings Guidance

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

EastGroup Properties Trading Up 1.5 %

Shares of EastGroup Properties stock traded up $2.41 during trading on Tuesday, reaching $165.75. The company’s stock had a trading volume of 322,230 shares, compared to its average volume of 281,394. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $188.85. The company has a market cap of $7.96 billion, a price-to-earnings ratio of 36.99, a PEG ratio of 2.52 and a beta of 0.93. The firm’s 50-day moving average is $176.79 and its two-hundred day moving average is $175.38. 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 Dividend Announcement

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

Analyst Ratings Changes

EGP has been the subject of several recent analyst reports. Barclays initiated coverage on shares of EastGroup Properties in a report on Wednesday, March 27th. They issued an equal weight rating and a $181.00 target price for the company. Royal Bank of Canada boosted their target price on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research report on Friday, February 16th. Truist Financial boosted their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research report on Tuesday, February 20th. JPMorgan Chase & Co. started coverage on shares of EastGroup Properties in a research report on Thursday, April 11th. They issued a neutral rating and a $190.00 price target for the company. Finally, BMO Capital Markets started coverage on shares of EastGroup Properties in a report on Monday. They issued an outperform rating and a $190.00 target price on the stock. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, EastGroup Properties currently has an average rating of Hold and a consensus price target of $188.47.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction dated Tuesday, February 13th. The stock was 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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.