EastGroup Properties (NYSE:EGP) Announces Earnings Results, Beats Expectations By $1.09 EPS

EastGroup Properties (NYSE:EGP) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $2.45 EPS for the quarter, beating the consensus estimate of $1.36 by $1.09, Zacks reports. The firm had revenue of $199.44 million for the quarter, compared to analyst estimates of $197.51 million. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%.

EastGroup Properties Stock Up 0.8%

NYSE EGP traded up $1.67 on Wednesday, reaching $202.92. The company had a trading volume of 707,312 shares, compared to its average volume of 413,217. The firm has a market capitalization of $10.91 billion, a PE ratio of 35.60, a P/E/G ratio of 2.96 and a beta of 1.00. EastGroup Properties has a 1 year low of $172.17 and a 1 year high of $226.71. The firm has a 50-day moving average of $199.28 and a 200-day moving average of $202.21. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.16 and a quick ratio of 0.16.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $1.75 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.00 annualized dividend and a yield of 3.4%. EastGroup Properties’s dividend payout ratio is presently 122.81%.

Analyst Upgrades and Downgrades

EGP has been the subject of several research reports. Evercore set a $199.00 price objective on shares of EastGroup Properties in a research note on Friday, October 2nd. Royal Bank Of Canada raised their target price on shares of EastGroup Properties from $208.00 to $220.00 and gave the company a “sector perform” rating in a research note on Monday, August 3rd. Piper Sandler cut their target price on shares of EastGroup Properties from $268.00 to $246.00 and set an “overweight” rating on the stock in a research note on Monday, October 12th. Wells Fargo & Company lifted their target price on shares of EastGroup Properties from $221.00 to $232.00 and gave the company an “overweight” rating in a report on Tuesday, September 1st. Finally, BTIG Research upped their price target on shares of EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, July 1st. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $220.16.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.