EastGroup Properties (NYSE:EGP – Get Free Report) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.97), Zacks reports. The company had revenue of $199.44 million for the quarter, compared to the consensus estimate of $197.51 million. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. EastGroup Properties’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business posted $2.27 earnings per share.
EastGroup Properties Stock Performance
NYSE:EGP opened at $202.92 on Thursday. The firm has a market capitalization of $10.91 billion, a PE ratio of 35.60, a P/E/G ratio of 3.03 and a beta of 1.00. EastGroup Properties has a 52-week low of $172.17 and a 52-week high of $226.71. The stock has a 50-day simple moving average of $199.27 and a two-hundred day simple moving average of $202.31. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16.
EastGroup Properties Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $1.75 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.55. This represents a $7.00 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Wednesday, September 30th. EastGroup Properties’s dividend payout ratio is presently 122.81%.
Wall Street Analyst Weigh In
EGP has been the subject of a number of recent analyst reports. Robert W. Baird set a $221.00 price objective on EastGroup Properties in a research note on Friday, July 31st. Barclays boosted their price objective on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Evercore set a $199.00 price target on shares of EastGroup Properties in a report on Friday, October 2nd. Royal Bank Of Canada increased their price target on shares of EastGroup Properties from $208.00 to $220.00 and gave the company a “sector perform” rating in a research report on Monday, August 3rd. Finally, BTIG Research boosted their price objective on EastGroup Properties from $218.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $220.16.
Check Out Our Latest Report on EGP
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.
Featured Articles
- Five stocks we like better than EastGroup Properties
- Boarding Now—GE Aerospace’s Earnings Beat Comes With a Catch
- AI Spending Is Surging—But Which Stocks Still Win if It Slows Down?
- Are RTX Corporation and Northrop Grumman Ready to Break Out?
- GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall?
Receive News & Ratings for EastGroup Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for EastGroup Properties and related companies with MarketBeat.com's FREE daily email newsletter.
