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

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 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

EastGroup Properties stock opened at $170.03 on Friday. EastGroup Properties has a 52-week low of $148.33 and a 52-week high of $229.84. The firm has a fifty day moving average of $159.76 and a 200-day moving average of $179.79. The firm has a market capitalization of $7.41 billion, a P/E ratio of 33.08, a PEG ratio of 3.25 and a beta of 0.87. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.82.

EastGroup Properties Dividend Announcement

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

Analyst Ratings Changes

EGP has been the subject of several recent research reports. Piper Sandler dropped their price objective on shares of EastGroup Properties to $200.00 in a research report on Monday, July 4th. Truist Financial dropped their price objective on shares of 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 dropped their price objective on shares of EastGroup Properties from $215.00 to $180.00 and set a na rating for the company in a research report on Tuesday, May 17th. Jefferies Financial Group decreased their target price on shares of EastGroup Properties from $200.00 to $144.00 and set a hold rating for the company in a research note on Thursday, June 30th. Finally, Wells Fargo & Company decreased their target price on shares of EastGroup Properties from $184.00 to $170.00 and set an equal weight rating for the company in a research note on Monday, June 6th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of Hold and a consensus target price of $191.90.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Group One Trading L.P. bought a new position in EastGroup Properties during the 1st quarter valued at $41,000. Private Advisor Group LLC boosted its stake in EastGroup Properties by 10.3% during the 1st quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock valued at $246,000 after acquiring an additional 113 shares during the last quarter. American Century Companies Inc. bought a new position in EastGroup Properties during the 1st quarter valued at $354,000. Engineers Gate Manager LP boosted its stake in EastGroup Properties by 28.9% during the 1st quarter. Engineers Gate Manager LP now owns 1,776 shares of the real estate investment trust’s stock valued at $361,000 after acquiring an additional 398 shares during the last quarter. Finally, Toroso Investments LLC lifted its position in shares of EastGroup Properties by 22.1% in the 1st quarter. Toroso Investments LLC now owns 2,705 shares of the real estate investment trust’s stock worth $550,000 after buying an additional 490 shares during the last quarter. 91.02% of the stock is currently owned by institutional investors.

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.