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 Price Performance

Shares of NYSE EGP traded up $2.55 during mid-day trading on Tuesday, reaching $165.89. The company’s stock had a trading volume of 322,230 shares, compared to its average volume of 281,394. The firm has a market capitalization of $7.96 billion, a PE ratio of 36.99, a P/E/G ratio of 2.52 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.28 and a quick ratio of 0.28. The stock has a fifty day moving average of $176.79 and a two-hundred day moving average of $175.38. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s payout ratio is presently 115.19%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Truist Financial upped their price objective on EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research report on Tuesday, February 20th. Mizuho reiterated a neutral rating and issued a $185.00 price target on shares of EastGroup Properties in a report on Tuesday, April 2nd. KeyCorp increased their price target on EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a report on Monday, February 12th. Royal Bank of Canada increased their price target on EastGroup Properties from $180.00 to $190.00 and gave the stock a sector perform rating in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. began coverage on EastGroup Properties in a report on Thursday, April 11th. They issued a neutral rating and a $190.00 price target on the stock. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of Hold and a consensus target price of $188.47.

Insider Transactions at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.