EastGroup Properties (NYSE:EGP) Issues Q3 2022 Earnings Guidance

Posted by Maddie Sorensen on Aug 6th, 2022

EastGroup Properties (NYSE:EGP – Get Rating) issued an update on its third quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.71-$1.77 for the period. The company issued revenue guidance of -. EastGroup Properties also updated its FY 2022 guidance to $6.84-$6.96 EPS.

EastGroup Properties Price Performance

NYSE EGP opened at $170.03 on Friday. The business has a 50 day simple moving average of $159.76 and a 200 day simple moving average of $179.79. EastGroup Properties has a 52-week low of $148.33 and a 52-week high of $229.84. 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 stock has a market cap of $7.41 billion, a price-to-earnings ratio of 33.08, a PEG ratio of 3.25 and a beta of 0.87.

EastGroup Properties Dividend Announcement

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

Analyst Ratings Changes

EGP has been the subject of a number of research reports. Jefferies Financial Group lowered their target price on EastGroup Properties from $200.00 to $144.00 and set a hold rating for the company in a research note on Thursday, June 30th. Truist Financial reduced their price target on EastGroup Properties from $200.00 to $175.00 and set a hold rating for the company in a research report on Tuesday, May 31st. Mizuho reduced their price target on EastGroup Properties from $215.00 to $180.00 and set a na rating for the company in a research report on Tuesday, May 17th. Wells Fargo & Company reduced their price target on EastGroup Properties from $184.00 to $170.00 and set an equal weight rating for the company in a research report on Monday, June 6th. Finally, Morgan Stanley reduced their price target on EastGroup Properties from $215.00 to $195.00 and set an equal weight rating for the company in a research report on Monday, August 1st. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $191.90.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in EastGroup Properties by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock worth $1,254,651,000 after buying an additional 133,344 shares during the period. State Street Corp increased its position in EastGroup Properties by 11.5% during the 1st quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock worth $492,949,000 after buying an additional 248,538 shares during the period. Invesco Ltd. increased its position in EastGroup Properties by 14.5% during the 1st quarter. Invesco Ltd. now owns 786,394 shares of the real estate investment trust’s stock worth $159,857,000 after buying an additional 99,844 shares during the period. Charles Schwab Investment Management Inc. increased its position in EastGroup Properties by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 633,979 shares of the real estate investment trust’s stock worth $128,876,000 after buying an additional 12,497 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of EastGroup Properties by 196.5% in the first quarter. Renaissance Technologies LLC now owns 85,700 shares of the real estate investment trust’s stock worth $17,421,000 after purchasing an additional 56,800 shares during the period. Institutional investors own 91.02% of the company’s stock.

EastGroup Properties Company Profile

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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.