Q3 2022 EPS Estimates for EastGroup Properties, Inc. (NYSE:EGP) Reduced by Jefferies Financial Group

EastGroup Properties, Inc. (NYSE:EGP – Get Rating) – Equities researchers at Jefferies Financial Group decreased their Q3 2022 earnings per share (EPS) estimates for EastGroup Properties in a note issued to investors on Tuesday, August 2nd. Jefferies Financial Group analyst J. Petersen now forecasts that the real estate investment trust will earn $1.71 per share for the quarter, down from their prior estimate of $1.76. Jefferies Financial Group has a “Hold” rating and a $144.00 price target on the stock. The consensus estimate for EastGroup Properties’ current full-year earnings is $6.89 per share. Jefferies Financial Group also issued estimates for EastGroup Properties’ Q3 2023 earnings at $1.81 EPS, Q4 2023 earnings at $1.86 EPS, FY2023 earnings at $7.26 EPS, Q1 2024 earnings at $1.85 EPS, Q2 2024 earnings at $1.89 EPS and FY2024 earnings at $7.57 EPS.

EGP has been the topic of a number of other reports. Mizuho decreased their price target on EastGroup Properties from $215.00 to $180.00 and set a “na” rating on the stock in a research note on Tuesday, May 17th. Piper Sandler decreased their price target on EastGroup Properties to $200.00 in a research note on Monday, July 4th. Wells Fargo & Company decreased their price target on EastGroup Properties from $184.00 to $170.00 and set an “equal weight” rating on the stock in a research note on Monday, June 6th. Evercore ISI set a $185.00 price target on EastGroup Properties in a research note on Monday, June 20th. Finally, Morgan Stanley decreased their price target on EastGroup Properties from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Monday, August 1st. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $191.90.

EastGroup Properties Trading Up 0.1 %

EGP opened at $170.03 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.04 and a current ratio of 0.04. The business’s 50 day moving average price is $159.76 and its 200 day moving average price is $179.79. EastGroup Properties has a one year low of $148.33 and a one year high of $229.84. The stock has a market capitalization of $7.41 billion, a PE ratio of 33.08, a P/E/G ratio of 3.26 and a beta of 0.87.

Institutional Trading of EastGroup Properties

A number of large investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System increased its position in shares of EastGroup Properties by 401.0% during the second quarter. State Board of Administration of Florida Retirement System now owns 46,265 shares of the real estate investment trust’s stock worth $7,140,000 after acquiring an additional 37,030 shares during the period. M&T Bank Corp increased its holdings in EastGroup Properties by 37.1% in the second quarter. M&T Bank Corp now owns 12,604 shares of the real estate investment trust’s stock valued at $1,943,000 after buying an additional 3,411 shares during the last quarter. Better Money Decisions LLC purchased a new position in EastGroup Properties in the second quarter valued at $30,000. Illinois Municipal Retirement Fund increased its holdings in EastGroup Properties by 136.8% in the second quarter. Illinois Municipal Retirement Fund now owns 5,259 shares of the real estate investment trust’s stock valued at $812,000 after buying an additional 3,038 shares during the last quarter. Finally, Hill Winds Capital LP purchased a new position in EastGroup Properties in the second quarter valued at $3,858,000. Hedge funds and other institutional investors own 91.02% of the company’s stock.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Wednesday, June 29th. EastGroup Properties’s dividend payout ratio is currently 85.60%.

About EastGroup Properties

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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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