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

by · The Markets Daily

EastGroup Properties (NYSE:EGP – Get Free Report) 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 company had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same quarter in the prior year, the company posted $1.95 EPS. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year.

EastGroup Properties Trading Down 1.1 %

NYSE:EGP traded down $2.00 during mid-day trading on Friday, hitting $176.53. The company had a trading volume of 540,198 shares, compared to its average volume of 297,799. The firm has a market cap of $8.50 billion, a P/E ratio of 38.60, a P/E/G ratio of 2.65 and a beta of 0.99. EastGroup Properties has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The business’s fifty day moving average is $184.18 and its two-hundred day moving average 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. Investors of record on Monday, September 30th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio is currently 121.48%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on EGP. Truist Financial upped their target price on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Morgan Stanley raised their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Wedbush reissued an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a research report on Friday. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price target for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Finally, Wells Fargo & Company raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $179.00 to $214.00 in a research note on Wednesday, August 28th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, EastGroup Properties presently has an average rating of “Moderate Buy” and an average price target of $191.73.

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EastGroup Properties Company Profile

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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.

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