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

EastGroup Properties, Inc. (NYSE:EGP) – Equities research analysts at Wedbush reduced their FY2024 earnings per share (EPS) estimates for shares of EastGroup Properties in a report issued on Thursday, April 25th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings per share of $8.27 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 the company. Mizuho reiterated a “neutral” rating and set a $185.00 price objective on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Truist Financial lifted their target price on EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a report on Tuesday, February 20th. KeyCorp upped their price objective on EastGroup Properties from $188.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday, February 12th. Barclays began coverage on EastGroup Properties in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $181.00 target price on the stock. Finally, BMO Capital Markets began coverage on EastGroup Properties in a research note on Monday, April 22nd. They set an “outperform” rating and a $190.00 price target for the company. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $189.00.

EastGroup Properties Stock Up 0.1 %

Shares of NYSE:EGP opened at $155.92 on Monday. The stock has a fifty day simple moving average of $174.81 and a two-hundred day simple moving average of $175.09. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 33.82, a PEG ratio of 2.47 and a beta of 0.93. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The company has a current ratio of 0.10, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in EastGroup Properties by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock valued at $1,221,077,000 after buying an additional 120,746 shares in the last quarter. Deutsche Bank AG raised its position in EastGroup Properties by 3.9% during the 3rd quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock valued at $173,598,000 after purchasing an additional 38,766 shares in the last quarter. Boston Partners raised its position in EastGroup Properties by 42.7% during the 4th quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock valued at $138,813,000 after purchasing an additional 226,169 shares in the last quarter. Invesco Ltd. raised its position in EastGroup Properties by 12.7% during the 3rd quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after purchasing an additional 81,636 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in EastGroup Properties by 113.1% during the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after purchasing an additional 368,954 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the transaction, the chief financial officer now owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.00% of the company’s stock.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid 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 of this dividend was Wednesday, March 27th. EastGroup Properties’s payout ratio is 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.