Q2 2024 EPS Estimates for EastGroup Properties, Inc. Lowered by Wedbush (NYSE:EGP)

EastGroup Properties, Inc. (NYSE:EGP - Free Report) - Equities research analysts at Wedbush cut their Q2 2024 earnings per share estimates for EastGroup Properties in a research report issued to clients and investors on Thursday, April 25th. Wedbush analyst R. Anderson now expects that the real estate investment trust will post earnings of $2.03 per share for the quarter, down from their prior forecast of $2.07. The consensus estimate for EastGroup Properties' current full-year earnings is $8.32 per share. Wedbush also issued estimates for EastGroup Properties' Q3 2024 earnings at $2.11 EPS, Q4 2024 earnings at $2.15 EPS and FY2025 earnings at $9.01 EPS.

Other analysts have also issued reports about the company. Evercore ISI lowered their price objective on EastGroup Properties from $190.00 to $178.00 and set an "in-line" rating for the company in a research report on Thursday. KeyCorp lifted their price objective on EastGroup Properties from $188.00 to $198.00 and gave the stock an "overweight" rating in a research report on Monday, February 12th. Truist Financial lifted their price objective on EastGroup Properties from $186.00 to $188.00 and gave the stock a "hold" rating in a research report on Tuesday, February 20th. Royal Bank of Canada lifted their price objective on EastGroup Properties from $180.00 to $190.00 and gave the stock a "sector perform" rating in a research report on Friday, February 16th. Finally, JPMorgan Chase & Co. assumed coverage on EastGroup Properties in a research report on Thursday, April 11th. They issued a "neutral" rating and a $190.00 price objective for the company. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $189.00.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock traded up $0.18 during trading on Friday, reaching $155.92. The company's stock had a trading volume of 301,419 shares, compared to its average volume of 289,974. The stock has a 50-day moving average price of $175.93 and a two-hundred day moving average price of $175.25. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $7.49 billion, a P/E ratio of 33.82, a price-to-earnings-growth ratio of 2.50 and a beta of 0.93. EastGroup Properties has a one year low of $154.75 and a one year high of $188.85.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors have recently added to or reduced their stakes in the stock. SYSTM Wealth Solutions LLC increased its position in EastGroup Properties by 24.2% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 65 shares in the last quarter. Venturi Wealth Management LLC increased its position in EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 66 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in EastGroup Properties by 0.7% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust's stock worth $1,680,000 after purchasing an additional 67 shares in the last quarter. CWM LLC increased its position in EastGroup Properties by 5.4% during the 3rd quarter. CWM LLC now owns 1,396 shares of the real estate investment trust's stock worth $232,000 after purchasing an additional 71 shares in the last quarter. Finally, Baker Avenue Asset Management LP increased its position in EastGroup Properties by 18.2% in the 3rd quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust's stock valued at $78,000 after acquiring an additional 72 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at EastGroup Properties

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

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties's dividend payout ratio is currently 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.