EastGroup Properties (NYSE:EGP) Updates Q4 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.130-2.170 for the period, compared to the consensus earnings per share estimate of 2.170. The company issued revenue guidance of -. EastGroup Properties also updated its FY 2024 guidance to 8.330-8.370 EPS.

EastGroup Properties Stock Performance

Shares of NYSE EGP traded down $2.17 during trading hours on Friday, reaching $176.36. The stock had a trading volume of 221,637 shares, compared to its average volume of 296,217. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of 38.60, a PEG ratio of 2.65 and a beta of 0.99. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. 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 quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same period in the previous year, the business posted $1.95 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. Equities research analysts predict that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.18%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date was Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is presently 121.48%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on EGP shares. Morgan Stanley increased their price objective on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Wedbush reissued an “outperform” rating and issued a $209.00 price target on shares of EastGroup Properties in a report on Friday. Evercore ISI raised their price target on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada raised their price target on EastGroup Properties from $172.00 to $186.00 and gave the company 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 company’s stock. Based on data from MarketBeat.com, the company presently 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.