EastGroup Properties (EGP) Scheduled to Post Earnings on Wednesday

EastGroup Properties (NYSE:EGP) is scheduled to be issuing its quarterly earnings data after the market closes on Wednesday, October 23rd. Analysts expect the company to announce earnings of $2.10 per share for the quarter. Parties interested in listening to the company’s conference call can do so using this link.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The firm had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same quarter in the previous year, the company posted $1.89 earnings per share. The firm’s revenue was up 13.7% on a year-over-year basis. On average, analysts expect EastGroup Properties to post $8 EPS for the current fiscal year and $9 EPS for the next fiscal year.

EastGroup Properties Stock Up 1.0 %

NYSE:EGP opened at $179.58 on Wednesday. EastGroup Properties has a one year low of $154.75 and a one year high of $192.61. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. The company has a market cap of $8.65 billion, a PE ratio of 38.95, a P/E/G ratio of 2.65 and a beta of 0.99. The firm’s 50 day simple moving average is $184.19 and its 200 day simple moving average is $175.10.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is 121.48%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. 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 report on Thursday, October 10th. Truist Financial boosted their target price on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. Evercore ISI increased their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Morgan Stanley boosted their price objective on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Finally, Royal Bank of Canada raised their price target on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $191.73.

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.