EastGroup Properties (NYSE:EGP) Posts Quarterly Earnings Results, Beats Estimates By $1.09 EPS

EastGroup Properties (NYSE:EGP) released 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 $1.36 by $1.09, Zacks reports. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%. The company had revenue of $199.44 million for the quarter, compared to analyst estimates of $197.51 million.

EastGroup Properties Price Performance

Shares of NYSE EGP traded up $1.67 during trading hours on Wednesday, reaching $202.92. 707,312 shares of the stock traded hands, compared to its average volume of 413,217. The company has a market capitalization of $10.91 billion, a P/E ratio of 35.60, a price-to-earnings-growth ratio of 2.96 and a beta of 1.00. The company’s 50-day simple moving average is $199.28 and its two-hundred day simple moving average is $202.21. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45. EastGroup Properties has a 52-week low of $172.17 and a 52-week high of $226.71.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $1.75 per share. 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%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.55. EastGroup Properties’s payout ratio is 122.81%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Weiss Ratings cut EastGroup Properties from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Barclays boosted their price target on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Royal Bank Of Canada boosted their price objective on EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a report on Monday, August 3rd. Citigroup raised their target price 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. Finally, BTIG Research lifted their target price on shares of EastGroup Properties from $218.00 to $235.00 and gave the company 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 given a Hold rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties 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.