Wedbush Has Positive Outlook for EGP FY2024 Earnings

EastGroup Properties, Inc. (NYSE:EGP) – Wedbush increased their FY2024 EPS estimates for shares of EastGroup Properties in a report released on Friday, October 25th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings per share of $8.36 for the year, up from their previous forecast of $8.34. Wedbush has a “Outperform” rating and a $209.00 price objective on the stock. The consensus estimate for EastGroup Properties’ current full-year earnings is $8.32 per share. Wedbush also issued estimates for EastGroup Properties’ FY2025 earnings at $9.05 EPS.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley boosted their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Royal Bank of Canada boosted their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Truist Financial raised their price target on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Evercore ISI upped their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Finally, Barclays cut their target price on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.57.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $176.53 on Monday. The business has a 50-day simple moving average of $184.09 and a 200-day simple moving average of $175.43. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. EastGroup Properties has a one year low of $155.23 and a one year high of $192.61. The company has a market cap of $8.60 billion, a PE ratio of 36.93, a P/E/G ratio of 2.70 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same period in the previous year, the firm earned $1.95 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.17%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s payout ratio is presently 117.15%.

Institutional Trading of EastGroup Properties

Several institutional investors and hedge funds have recently bought and sold shares of EGP. V Square Quantitative Management LLC increased its stake in EastGroup Properties by 47.7% in the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares during the period. EverSource Wealth Advisors LLC increased its position in EastGroup Properties by 30.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in EastGroup Properties by 7.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock valued at $252,000 after acquiring an additional 90 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its position in EastGroup Properties by 4.9% during the 3rd quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock worth $389,000 after acquiring an additional 98 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in EastGroup Properties by 0.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock worth $5,328,000 after acquiring an additional 103 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.