EastGroup Properties (NYSE:EGP) Issues Earnings Results, Beats Expectations By $1.09 EPS

Key Points

• EastGroup Properties beat earnings expectations: The REIT reported quarterly EPS of $2.45 versus the $1.36 consensus estimate, while revenue of $199.44 million modestly exceeded expectations.
• Shares rose 0.8% to $202.92 following the results, with trading volume above its average. The stock has a $10.91 billion market capitalization and a 52-week range of $172.17 to $226.71.
• The company increased its quarterly dividend to $1.75 per share from $1.55, equating to an annualized dividend of $7.00 and a 3.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $220.16.

EastGroup Properties (NYSE:EGP - Get Free Report) announced its earnings results on Wednesday. The real estate investment trust reported $2.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $1.09, Zacks reports. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The company had revenue of $199.44 million during the quarter, compared to analysts' expectations of $197.51 million.

EastGroup Properties Trading Up 0.8%

Shares of EGP traded up $1.67 during mid-day trading on Wednesday, reaching $202.92. The company had a trading volume of 707,312 shares, compared to its average volume of 413,217. The stock has a market cap of $10.91 billion, a price-to-earnings ratio of 35.60, a price-to-earnings-growth ratio of 2.96 and a beta of 1.00. The firm has a fifty day simple moving average of $199.28 and a 200-day simple moving average of $202.21. EastGroup Properties has a fifty-two week low of $172.17 and a fifty-two week high of $226.71. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.45.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a dividend of $1.75 per share. This is an increase from EastGroup Properties's previous quarterly dividend of $1.55. This represents a $7.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Wednesday, September 30th. EastGroup Properties's payout ratio is 122.81%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Royal Bank Of Canada upped their price objective on EastGroup Properties from $208.00 to $220.00 and gave the company a "sector perform" rating in a research report on Monday, August 3rd. Citigroup increased their price target on EastGroup Properties from $235.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Truist Financial raised their price objective on EastGroup Properties from $215.00 to $230.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Robert W. Baird set a $221.00 target price on EastGroup Properties in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. upgraded EastGroup Properties from a "neutral" rating to an "overweight" rating and set a $231.00 target price for the company in a research note on Thursday, September 24th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, EastGroup Properties has an average rating of "Moderate Buy" and an average target price of $220.16.

EastGroup Properties Company Profile

EastGroup Properties, Inc NYSE: EGP is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.

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