EastGroup Properties (NYSE:EGP) Updates FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $8.17-$8.37 for the period, compared to the consensus earnings per share estimate of $8.32. EastGroup Properties also updated its FY 2024 guidance to 8.170-8.370 EPS.

Analyst Ratings Changes

A number of brokerages have commented on EGP. KeyCorp raised their price target on shares of EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a research note on Monday, February 12th. Royal Bank of Canada raised their price target 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. BMO Capital Markets began coverage on shares of EastGroup Properties in a research note on Monday. They set an outperform rating and a $190.00 price target for the company. Mizuho restated a neutral rating and set a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Finally, Barclays started coverage on shares of EastGroup Properties in a research note on Wednesday, March 27th. They set an equal weight rating and a $181.00 price target for the company. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $188.47.

EastGroup Properties Trading Down 3.9 %

NYSE:EGP traded down $6.53 during mid-day trading on Wednesday, hitting $159.22. The company had a trading volume of 401,929 shares, compared to its average volume of 282,520. The firm has a market cap of $7.64 billion, a P/E ratio of 36.95, a P/E/G ratio of 2.59 and a beta of 0.93. EastGroup Properties has a fifty-two week low of $154.75 and a fifty-two week high of $188.85. The business’s fifty day moving average is $176.44 and its two-hundred day moving average is $175.37. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s payout ratio is presently 115.19%.

Insider Buying and Selling at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a document filed with the SEC, which is available at 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.