Equities Analysts Set Expectations for EastGroup Properties, Inc.’s FY2024 Earnings (NYSE:EGP)

EastGroup Properties, Inc. (NYSE:EGP) – Wedbush dropped their FY2024 earnings per share (EPS) estimates for EastGroup Properties in a note issued to investors on Thursday, April 25th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings of $8.27 per share for the year, down from their prior forecast of $8.31. The consensus estimate for EastGroup Properties’ current full-year earnings is $8.31 per share.

A number of other research analysts have also recently issued reports on EGP. BMO Capital Markets assumed coverage on EastGroup Properties in a research report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on EastGroup Properties in a research report on Thursday, April 11th. They issued a “neutral” rating and a $190.00 target price on the stock. Truist Financial lifted their target price on EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research report on Tuesday, February 20th. Evercore ISI cut their price target on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research note on Thursday. Finally, Mizuho reissued a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Hold” and a consensus target price of $189.00.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $155.92 on Monday. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The company has a quick ratio of 0.28, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The business’s 50-day moving average price is $174.81 and its two-hundred day moving average price is $175.09. The stock has a market cap of $7.51 billion, a PE ratio of 33.82, a P/E/G ratio of 2.47 and a beta of 0.93.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $1.27 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a dividend yield of 3.26%. EastGroup Properties’s dividend payout ratio is 110.20%.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the sale, the chief financial officer now owns 102,617 shares in the company, valued at $18,752,230.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently modified their holdings of EGP. GAMMA Investing LLC bought a new stake in EastGroup Properties during the fourth quarter worth $31,000. Venturi Wealth Management LLC grew its holdings in EastGroup Properties by 51.6% during the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 66 shares in the last quarter. ZRC Wealth Management LLC bought a new stake in EastGroup Properties during the fourth quarter worth $37,000. Mather Group LLC. bought a new stake in EastGroup Properties during the first quarter worth $42,000. Finally, Tucker Asset Management LLC bought a new stake in EastGroup Properties during the third quarter worth $44,000. Institutional investors own 92.14% of the company’s stock.

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.