EastGroup Properties (NYSE:EGP - Get Free Report) updated its fourth quarter 2024 earnings guidance on Wednesday. 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.
Analyst Ratings Changes
A number of equities research analysts have issued reports on the stock. Barclays cut their price target on shares of EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating on the stock in a report on Thursday, October 10th. KeyCorp boosted their price target on EastGroup Properties from $178.00 to $198.00 and gave the company an "overweight" rating in a report on Tuesday, July 30th. Royal Bank of Canada upped their price target on EastGroup Properties from $172.00 to $186.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 30th. Morgan Stanley lifted 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. Finally, Evercore ISI boosted their target price on EastGroup Properties from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, October 7th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $191.73.
Read Our Latest Research Report on EGP
EastGroup Properties Stock Up 0.5 %
Shares of NYSE:EGP traded up $0.98 during midday trading on Wednesday, reaching $181.21. The company's stock had a trading volume of 355,299 shares, compared to its average volume of 295,118. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. The firm has a 50 day moving average of $184.29 and a 200-day moving average of $175.37. The firm has a market capitalization of $8.72 billion, a P/E ratio of 39.09, a PEG ratio of 2.65 and a beta of 0.99. EastGroup Properties has a 12-month low of $155.14 and a 12-month high of $192.61.
EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts' consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business had revenue of $159.09 million during the quarter, compared to analysts' expectations of $156.70 million. During the same quarter last year, the company posted $1.89 EPS. EastGroup Properties's revenue for the quarter was up 13.7% compared to the same quarter last year. On average, research analysts anticipate that EastGroup Properties will post 8.32 earnings per share for the current year.
EastGroup Properties Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $1.40 dividend. This is a boost from EastGroup Properties's previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Monday, September 30th. EastGroup Properties's payout ratio is currently 121.48%.
About EastGroup Properties
(
Get Free Report)
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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