EastGroup Properties (NYSE:EGP) Releases FY22 Earnings Guidance

EastGroup Properties (NYSE:EGPGet Rating) issued an update on its FY22 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $6.69-6.81 for the period, compared to the Thomson Reuters consensus estimate of $6.66. EastGroup Properties also updated its FY 2022 guidance to $6.690-$6.810 EPS.

EGP stock traded down $2.95 during mid-day trading on Tuesday, reaching $202.98. The company had a trading volume of 262,347 shares, compared to its average volume of 237,497. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $8.46 billion, a PE ratio of 52.18, a P/E/G ratio of 4.42 and a beta of 0.86. EastGroup Properties has a one year low of $148.69 and a one year high of $229.84. The business has a 50-day moving average price of $197.50.

EastGroup Properties (NYSE:EGPGet Rating) last issued its quarterly earnings data on Monday, February 7th. The real estate investment trust reported $1.75 earnings per share for the quarter, beating 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 analysts’ expectations of $106.38 million. During the same period in the previous year, the business earned $1.38 earnings per share. The company’s revenue was up 15.9% on a year-over-year basis. As a group, research analysts predict that EastGroup Properties will post 6.67 earnings per share for the current fiscal year.

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

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

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Stifel Financial Corp increased its stake in EastGroup Properties by 0.6% in the 4th quarter. Stifel Financial Corp now owns 15,229 shares of the real estate investment trust’s stock worth $3,470,000 after purchasing an additional 88 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new position in EastGroup Properties in the 4th quarter worth about $28,000. Vident Investment Advisory LLC increased its stake in EastGroup Properties by 2.3% in the 4th quarter. Vident Investment Advisory LLC now owns 6,836 shares of the real estate investment trust’s stock worth $1,557,000 after purchasing an additional 155 shares in the last quarter. MML Investors Services LLC increased its stake in EastGroup Properties by 7.6% in the 4th quarter. MML Investors Services LLC now owns 2,454 shares of the real estate investment trust’s stock worth $559,000 after purchasing an additional 173 shares in the last quarter. Finally, LPL Financial LLC increased its stake in EastGroup Properties by 5.4% in the 3rd quarter. LPL Financial LLC now owns 4,647 shares of the real estate investment trust’s stock worth $774,000 after purchasing an additional 240 shares in the last quarter. 93.57% of the stock is currently owned by hedge funds and other institutional investors.

About EastGroup Properties (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.

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

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