EastGroup Properties (NYSE:EGP) Announces Quarterly Earnings Results, Misses Estimates By $0.97 EPS

EastGroup Properties (NYSE:EGP) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.97), Zacks reports. EastGroup Properties had a net margin of 41.05% and a return on equity of 8.91%. The firm had revenue of $199.44 million during the quarter, compared to analysts’ expectations of $197.51 million. During the same quarter in the previous year, the company posted $2.27 EPS. EastGroup Properties’s revenue for the quarter was up 9.5% on a year-over-year basis.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $202.03 on Friday. EastGroup Properties has a one year low of $172.17 and a one year high of $226.71. The business has a fifty day moving average price of $199.22 and a 200-day moving average price of $202.40. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.16 and a quick ratio of 0.16. The firm has a market capitalization of $10.86 billion, a P/E ratio of 35.44, a PEG ratio of 3.06 and a beta of 1.00.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $1.75 per share. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.55. This represents a $7.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Wednesday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 122.81%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Truist Financial upped their price target on EastGroup Properties from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. BTIG Research lifted their price objective on EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Wells Fargo & Company lifted their price objective on EastGroup Properties from $221.00 to $232.00 and gave the stock an “overweight” rating in a report on Tuesday, September 1st. Citigroup boosted their price objective on EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, JPMorgan Chase & Co. raised shares of EastGroup Properties from a “neutral” rating to an “overweight” rating and set a $231.00 price objective on the stock in a report on Thursday, September 24th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and an average 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.