Wedbush Comments on EastGroup Properties, Inc.’s FY2024 Earnings (NYSE:EGP)

EastGroup Properties, Inc. (NYSE:EGP) – Wedbush reduced their FY2024 EPS estimates for shares of EastGroup Properties in a research report issued to clients and investors on Thursday, April 25th. Wedbush analyst R. Anderson now anticipates that the real estate investment trust will post earnings per share of $8.27 for the year, down from their previous estimate of $8.31. The consensus estimate for EastGroup Properties’ current full-year earnings is $8.31 per share.

Several other equities research analysts have also issued reports on EGP. KeyCorp dropped their price target on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday. Piper Sandler reduced their price target on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday. Barclays lowered their price objective on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a report on Monday. BMO Capital Markets initiated coverage on shares of EastGroup Properties in a report on Monday, April 22nd. They set an “outperform” rating and a $190.00 target price on the stock. Finally, JPMorgan Chase & Co. began coverage on shares of EastGroup Properties in a research report on Thursday, April 11th. They issued a “neutral” rating and a $190.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $186.27.

EastGroup Properties Stock Down 1.5 %

Shares of NYSE:EGP opened at $155.47 on Monday. The firm has a market capitalization of $7.48 billion, a PE ratio of 33.70, a price-to-earnings-growth ratio of 2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $188.85. The firm has a fifty day moving average of $174.31 and a 200 day moving average of $175.03.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors and hedge funds have recently modified their holdings of the stock. Exchange Traded Concepts LLC raised its stake in EastGroup Properties by 13.6% in the third quarter. Exchange Traded Concepts LLC now owns 1,589 shares of the real estate investment trust’s stock worth $265,000 after buying an additional 190 shares in the last quarter. Monument Capital Management purchased a new position in shares of EastGroup Properties during the 3rd quarter worth approximately $379,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of EastGroup Properties by 6.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock worth $2,958,000 after acquiring an additional 1,035 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of EastGroup Properties in the 3rd quarter valued at approximately $5,223,000. Finally, Advisor Partners II LLC boosted its position in shares of EastGroup Properties by 54.7% during the third quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust’s stock valued at $494,000 after purchasing an additional 1,050 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at approximately $18,752,230.58. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.00% of the company’s stock.

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 given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s payout ratio is 110.20%.

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.