EastGroup Properties, Inc. Forecasted to Earn Q2 2024 Earnings of $2.03 Per Share (NYSE:EGP)

EastGroup Properties, Inc. (NYSE:EGP) – Stock analysts at Wedbush dropped their Q2 2024 earnings estimates for shares of EastGroup Properties in a note issued to investors on Thursday, April 25th. Wedbush analyst R. Anderson now anticipates that the real estate investment trust will post earnings of $2.03 per share for the quarter, down from their prior forecast of $2.07. The consensus estimate for EastGroup Properties’ current full-year earnings is $8.32 per share. Wedbush also issued estimates for EastGroup Properties’ Q3 2024 earnings at $2.11 EPS, Q4 2024 earnings at $2.15 EPS and FY2025 earnings at $9.01 EPS.

Other analysts also recently issued reports about the stock. Truist Financial boosted their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a report on Tuesday, February 20th. Mizuho restated a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a report on Tuesday, April 2nd. KeyCorp boosted their price target on shares of EastGroup Properties from $188.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, February 12th. Evercore ISI cut their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a report on Thursday. Finally, Barclays initiated coverage on shares of EastGroup Properties in a report on Wednesday, March 27th. They set an “equal weight” rating and a $181.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $189.00.

EastGroup Properties Stock Up 0.1 %

NYSE EGP opened at $155.92 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.28 and a quick ratio of 0.28. The company’s 50 day simple moving average is $175.34 and its 200 day simple moving average is $175.11. EastGroup Properties has a 12 month low of $154.75 and a 12 month high of $188.85. The company has a market capitalization of $7.49 billion, a P/E ratio of 33.82, a PEG ratio of 2.50 and a beta of 0.93.

Institutional Trading of EastGroup Properties

Several large investors have recently added to or reduced their stakes in the business. SYSTM Wealth Solutions LLC grew its position in EastGroup Properties by 24.2% in the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock worth $60,000 after acquiring an additional 65 shares in the last quarter. Venturi Wealth Management LLC grew its position in EastGroup Properties by 51.6% in the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 66 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in EastGroup Properties by 0.7% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust’s stock worth $1,680,000 after acquiring an additional 67 shares in the last quarter. CWM LLC grew its position in EastGroup Properties by 5.4% in the third quarter. CWM LLC now owns 1,396 shares of the real estate investment trust’s stock worth $232,000 after acquiring an additional 71 shares in the last quarter. Finally, Baker Avenue Asset Management LP grew its position in EastGroup Properties by 18.2% in the third quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock worth $78,000 after acquiring an additional 72 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

Insider Activity at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at $18,752,230.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by insiders.

EastGroup Properties Dividend Announcement

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