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 research firms have recently weighed in on EGP. Barclays began coverage on shares of EastGroup Properties in a research report on Wednesday, March 27th. They issued an equal weight rating and a $181.00 price objective for the company. Evercore ISI dropped their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a research report on Thursday. BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research report on Monday. They set an outperform rating and a $190.00 price target for the company. Truist Financial upped their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research report on Tuesday, February 20th. Finally, JPMorgan Chase & Co. assumed coverage on shares of EastGroup Properties in a research report on Thursday, April 11th. They set a neutral rating and a $190.00 price target for the company. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $189.00.

EastGroup Properties Trading Up 0.5 %

Shares of NYSE:EGP traded up $0.76 during midday trading on Friday, hitting $156.50. 46,409 shares of the stock were exchanged, compared to its average volume of 286,724. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 33.77, a P/E/G ratio of 2.50 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28. The business’s 50-day moving average price is $175.93 and its 200 day moving average price is $175.25. EastGroup Properties has a 12 month low of $154.75 and a 12 month high of $188.85.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio is currently 110.20%.

Insider Buying and Selling

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at $18,752,230.58. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is owned by insiders.

EastGroup Properties Company Profile

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.