EastGroup Properties (NYSE:EGP) Issues Quarterly Earnings Results, Misses Expectations By $0.97 EPS

EastGroup Properties (NYSE:EGP) posted 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. The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.95 earnings per share.

EastGroup Properties Stock Performance

Shares of EGP stock traded down $2.00 during midday trading on Friday, hitting $176.53. 540,198 shares of the company were exchanged, compared to its average volume of 297,799. EastGroup Properties has a 52 week low of $155.23 and a 52 week high of $192.61. The firm has a market capitalization of $8.50 billion, a P/E ratio of 38.60, a PEG ratio of 2.65 and a beta of 0.99. The firm’s 50 day moving average price is $184.18 and its two-hundred day moving average price is $175.43. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

EastGroup Properties Increases Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on EGP. Wedbush reaffirmed an “outperform” rating and set a $209.00 price target on shares of EastGroup Properties in a research note on Friday. KeyCorp raised their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Barclays cut their price target on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Truist Financial raised their price objective on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $179.00 to $214.00 in a report on Wednesday, August 28th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $191.73.

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.