EastGroup Properties (NYSE:EGP) Announces Quarterly Earnings Results

EastGroup Properties (NYSE:EGP) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.43 by $0.02, Zacks reports. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The firm had revenue of $199.44 million during the quarter, compared to the consensus estimate of $197.51 million. During the same quarter in the previous year, the firm posted $2.27 EPS. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock traded up $1.67 on Wednesday, reaching $202.92. 707,312 shares of the stock were exchanged, compared to its average volume of 413,217. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $10.91 billion, a PE ratio of 35.60, a P/E/G ratio of 2.96 and a beta of 1.00. The firm’s 50 day moving average is $199.28 and its 200-day moving average is $202.21. EastGroup Properties has a one year low of $172.17 and a one year high of $226.71.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued 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 dividend on an annualized basis and a dividend yield of 3.4%. EastGroup Properties’s payout ratio is currently 122.81%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on EGP shares. BTIG Research raised their price objective on EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, July 1st. Piper Sandler cut their target price on EastGroup Properties from $268.00 to $246.00 and set an “overweight” rating for the company in a research report on Monday, October 12th. Citigroup upped their target price on EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Royal Bank Of Canada increased their target price on EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a report on Monday, August 3rd. Finally, Truist Financial raised their price target on EastGroup Properties from $215.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and an average price target of $220.16.

About EastGroup Properties

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.