EastGroup Properties (NYSE:EGP) Issues Quarterly Earnings Results

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

EastGroup Properties Price Performance

Shares of NYSE:EGP traded down $2.00 on Friday, reaching $176.53. The company’s stock had a trading volume of 540,195 shares, compared to its average volume of 297,741. The company has a 50-day simple moving average of $184.18 and a 200 day simple moving average of $175.43. EastGroup Properties has a 52-week low of $155.23 and a 52-week high of $192.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The company has a market cap of $8.50 billion, a P/E ratio of 38.60, a PEG ratio of 2.65 and a beta of 0.99.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.40 per share. The ex-dividend date was Monday, September 30th. This represents a $5.60 annualized dividend and a yield of 3.17%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is 121.48%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $179.00 to $214.00 in a report on Wednesday, August 28th. Evercore ISI boosted their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Barclays lowered their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price target for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, KeyCorp lifted their price target on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.