EastGroup Properties (NYSE:EGP) Issues Earnings Results

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

EastGroup Properties Stock Up 0.8%

NYSE EGP opened at $202.92 on Thursday. 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 50-day simple moving average of $199.27 and a 200 day simple moving average of $202.31. EastGroup Properties has a twelve month low of $172.17 and a twelve month high of $226.71. The stock has a market cap of $10.91 billion, a PE ratio of 35.60, a PEG ratio of 3.03 and a beta of 1.00.

EastGroup Properties Increases Dividend

The business also recently disclosed 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 represents a $7.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Wednesday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.55. EastGroup Properties’s payout ratio is presently 122.81%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on EGP shares. Royal Bank Of Canada lifted their price objective on shares of EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a research report on Monday, August 3rd. Barclays raised their price target on shares of EastGroup Properties from $210.00 to $228.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Citigroup upped their price objective on shares of EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Wells Fargo & Company upped their target price on EastGroup Properties from $221.00 to $232.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 1st. Finally, Evercore set a $199.00 price objective on EastGroup Properties in a report on Friday, October 2nd. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.