Q2 2024 EPS Estimates for EastGroup Properties, Inc. (NYSE:EGP) Lowered by Analyst

EastGroup Properties, Inc. (NYSE:EGP) – Wedbush lowered their Q2 2024 earnings estimates for EastGroup Properties in a report issued on Thursday, April 25th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will earn $2.03 per share for the quarter, down from their previous estimate 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.

EGP has been the subject of several other research reports. Royal Bank of Canada boosted their price target on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a “sector perform” rating in a research note on Friday, February 16th. JPMorgan Chase & Co. initiated coverage on EastGroup Properties in a report on Thursday, April 11th. They set a “neutral” rating and a $190.00 price target on the stock. BMO Capital Markets assumed coverage on EastGroup Properties in a research report on Monday, April 22nd. They set an “outperform” rating and a $190.00 price objective for the company. Mizuho reaffirmed a “neutral” rating and issued a $185.00 target price on shares of EastGroup Properties in a report on Tuesday, April 2nd. Finally, Evercore ISI decreased their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research note on Thursday. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, EastGroup Properties presently has an average rating of “Hold” and a consensus price target of $189.00.

EastGroup Properties Trading Up 0.1 %

Shares of EGP stock opened at $155.92 on Friday. The stock has a market capitalization of $7.51 billion, a P/E ratio of 33.82, a price-to-earnings-growth ratio of 2.47 and a beta of 0.93. EastGroup Properties has a fifty-two week low of $154.75 and a fifty-two week high of $188.85. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.28 and a current ratio of 0.10. The company has a 50 day moving average price of $174.81 and a 200 day moving average price of $175.05.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EGP. Vanguard Group Inc. boosted its stake in shares of EastGroup Properties by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock worth $1,221,077,000 after buying an additional 120,746 shares during the period. Deutsche Bank AG lifted its holdings in shares of EastGroup Properties by 3.9% during the third quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock worth $173,598,000 after purchasing an additional 38,766 shares during the period. Boston Partners lifted its holdings in shares of EastGroup Properties by 42.7% during the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock worth $138,813,000 after purchasing an additional 226,169 shares during the period. Invesco Ltd. increased its stake in EastGroup Properties by 12.7% in the 3rd quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after buying an additional 81,636 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of EastGroup Properties by 113.1% in the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock worth $115,773,000 after acquiring an additional 368,954 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders 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 dividend yield of 3.26%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is currently 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.