EastGroup Properties (NYSE:EGP) Updates FY24 Earnings Guidance

EastGroup Properties (NYSE:EGP) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $8.33-8.37 for the period, compared to the consensus earnings per share estimate of $8.33. EastGroup Properties also updated its FY 2024 guidance to 8.330-8.370 EPS.

EastGroup Properties Price Performance

NYSE EGP traded down $1.59 on Friday, hitting $176.94. The stock had a trading volume of 202,958 shares, compared to its average volume of 296,149. EastGroup Properties has a 52-week low of $155.23 and a 52-week high of $192.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of 38.60, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The firm has a 50-day moving average of $184.18 and a 200-day moving average of $175.43.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.95 earnings per share. Equities analysts expect that EastGroup Properties will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.40 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.16%. EastGroup Properties’s dividend payout ratio is presently 121.48%.

Analyst Ratings Changes

Several equities analysts recently commented on EGP shares. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Morgan Stanley increased their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Wells Fargo & Company raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $179.00 to $214.00 in a report on Wednesday, August 28th. KeyCorp increased their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, Royal Bank of Canada raised their price target on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average price target of $191.73.

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.