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

EastGroup Properties, Inc. (NYSE:EGP) – Equities research analysts at Wedbush reduced their Q2 2024 earnings estimates for EastGroup Properties in a research note issued to investors on Thursday, April 25th. Wedbush analyst R. Anderson now expects 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.

A number of other research analysts have also issued reports on EGP. Evercore ISI dropped 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 research note on Thursday. BMO Capital Markets began coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They set an “outperform” rating and a $190.00 price target on the stock. Barclays began coverage on shares of EastGroup Properties in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $181.00 target price on the stock. JPMorgan Chase & Co. began coverage on shares of EastGroup Properties in a research report on Thursday, April 11th. They set a “neutral” rating and a $190.00 target price on the stock. Finally, Truist Financial upped their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a research report on Tuesday, February 20th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, EastGroup Properties currently has an average rating of “Hold” and a consensus target price of $189.00.

EastGroup Properties Trading Up 0.1 %

Shares of EastGroup Properties stock opened at $155.92 on Friday. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $188.85. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.64. The company’s 50-day simple moving average is $175.34 and its 200-day simple moving average is $175.11. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of 33.82, a price-to-earnings-growth ratio of 2.50 and a beta of 0.93.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Insider Buying and Selling at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the sale, the chief financial officer now 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 can be accessed through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Trading of EastGroup Properties

Several institutional investors and hedge funds have recently modified their holdings of EGP. SYSTM Wealth Solutions LLC lifted its stake in shares of EastGroup Properties by 24.2% during the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after buying an additional 65 shares during the period. Venturi Wealth Management LLC lifted its stake in shares of EastGroup Properties by 51.6% during the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 66 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of EastGroup Properties by 0.7% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust’s stock valued at $1,680,000 after buying an additional 67 shares during the period. CWM LLC lifted its stake in shares of EastGroup Properties by 5.4% during the third quarter. CWM LLC now owns 1,396 shares of the real estate investment trust’s stock valued at $232,000 after buying an additional 71 shares during the period. Finally, Baker Avenue Asset Management LP lifted its stake in shares of EastGroup Properties by 18.2% during the third quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 72 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

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.