EastGroup Properties (NYSE:EGP) Releases Q2 2022 Earnings Guidance

EastGroup Properties (NYSE:EGPGet Rating) updated its second quarter 2022 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.630-$1.690 for the period. The company issued revenue guidance of -.EastGroup Properties also updated its FY 2022 guidance to $6.690-$6.810 EPS.

EGP traded down $2.95 during mid-day trading on Tuesday, hitting $202.98. The stock had a trading volume of 262,347 shares, compared to its average volume of 237,497. The business’s fifty day simple moving average is $197.26. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 52.94, a price-to-earnings-growth ratio of 4.42 and a beta of 0.86. EastGroup Properties has a 1-year low of $148.69 and a 1-year high of $229.84.

EastGroup Properties (NYSE:EGPGet Rating) last issued its quarterly earnings data on Monday, February 7th. The real estate investment trust reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.96. EastGroup Properties had a net margin of 38.48% and a return on equity of 11.09%. The business had revenue of $107.37 million for the quarter, compared to analyst estimates of $106.38 million. During the same period last year, the business posted $1.38 earnings per share. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. As a group, analysts forecast that EastGroup Properties will post 6.67 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, March 31st were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Wednesday, March 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 113.11%.

A number of analysts have recently issued reports on the company. Zacks Investment Research cut EastGroup Properties from a buy rating to a hold rating in a research report on Friday, April 15th. Wells Fargo & Company cut their price objective on EastGroup Properties from $220.00 to $184.00 and set an equal weight rating on the stock in a report on Tuesday, March 15th. StockNews.com initiated coverage on shares of EastGroup Properties in a research report on Thursday, March 31st. They set a hold rating for the company. Truist Financial lifted their price target on shares of EastGroup Properties from $200.00 to $205.00 in a research report on Tuesday, January 18th. Finally, Mizuho lifted their target price on EastGroup Properties from $160.00 to $215.00 in a research note on Thursday, January 13th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $210.44.

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC grew its holdings in shares of EastGroup Properties by 59.0% during the fourth quarter. Barclays PLC now owns 92,889 shares of the real estate investment trust’s stock valued at $21,164,000 after buying an additional 34,471 shares during the last quarter. Morgan Stanley raised its stake in EastGroup Properties by 30.5% during the 2nd quarter. Morgan Stanley now owns 120,223 shares of the real estate investment trust’s stock valued at $19,771,000 after buying an additional 28,093 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of EastGroup Properties by 13.2% in the 4th quarter. Parametric Portfolio Associates LLC now owns 145,485 shares of the real estate investment trust’s stock worth $33,149,000 after buying an additional 16,955 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of EastGroup Properties by 3.6% in the 4th quarter. California State Teachers Retirement System now owns 56,169 shares of the real estate investment trust’s stock worth $12,798,000 after buying an additional 1,949 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of EastGroup Properties in the 4th quarter worth $254,000. Institutional investors and hedge funds own 93.57% of the company’s stock.

EastGroup Properties Company Profile (Get Rating)

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

See Also

Earnings History and Estimates for EastGroup Properties (NYSE:EGP)

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