EastGroup Properties (NYSE:EGP – Get Free Report) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.06-2.12 for the period, compared to the consensus estimate of $2.10. EastGroup Properties also updated its FY24 guidance to $8.28-8.38 EPS.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. BNP Paribas assumed coverage on shares of EastGroup Properties in a report on Tuesday, June 4th. They issued a neutral rating and a $167.00 price target for the company. BMO Capital Markets started coverage on EastGroup Properties in a research report on Monday, April 22nd. They issued an outperform rating and a $190.00 price objective for the company. KeyCorp cut their target price on EastGroup Properties from $198.00 to $178.00 and set an overweight rating for the company in a research note on Tuesday, April 30th. Royal Bank of Canada decreased their price target on shares of EastGroup Properties from $190.00 to $172.00 and set a sector perform rating on the stock in a research note on Monday, May 6th. Finally, Wedbush upgraded shares of EastGroup Properties from a neutral rating to an outperform rating and increased their price objective for the company from $162.00 to $208.00 in a research note on Monday. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of Hold and a consensus target price of $182.75.
Read Our Latest Stock Report on EGP
EastGroup Properties Stock Down 0.7 %
EastGroup Properties Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date was Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is currently 110.20%.
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.
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