EastGroup Properties (NYSE:EGP) Releases Q3 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.060-2.120 for the period, compared to the consensus estimate of 2.100. The company issued revenue guidance of -. EastGroup Properties also updated its FY 2024 guidance to 8.280-8.380 EPS.

EastGroup Properties Stock Performance

Shares of NYSE:EGP traded down $1.15 during midday trading on Tuesday, reaching $190.19. 410,478 shares of the company traded hands, compared to its average volume of 283,604. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties has a 12 month low of $154.75 and a 12 month high of $191.93. The firm has a market capitalization of $9.16 billion, a price-to-earnings ratio of 41.45, a price-to-earnings-growth ratio of 2.92 and a beta of 0.98. The firm’s fifty day moving average price is $169.80 and its two-hundred day moving average price is $173.30.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $1.27 per share. The ex-dividend date was Friday, June 28th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.67%. EastGroup Properties’s payout ratio is 110.20%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on EGP shares. Wedbush upgraded EastGroup Properties from a neutral rating to an outperform rating and upped their target price for the stock from $162.00 to $208.00 in a research note on Monday. Evercore ISI decreased their target price on EastGroup Properties from $190.00 to $178.00 and set an in-line rating on the stock in a research note on Thursday, April 25th. Royal Bank of Canada reduced their price objective on EastGroup Properties from $190.00 to $172.00 and set a sector perform rating on the stock in a research report on Monday, May 6th. BMO Capital Markets started coverage on EastGroup Properties in a research report on Monday, April 22nd. They set an outperform rating and a $190.00 price objective on the stock. Finally, Robert W. Baird reduced their price objective on EastGroup Properties from $195.00 to $175.00 and set an outperform rating on the stock in a research report on Wednesday, May 1st. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $182.75.

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.