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Shares of EastGroup Properties Rise to a New 52-Week High

Published on Tue, 04/16/2013 - 14:11
By Robert Cotter

Shares of EastGroup Properties (NYSE:EGP) traded at a new 52-week high today of $61.43. This new high was reached on approximately average trading volume as 155,000 shares traded hands, while the average 30-day volume is approximately 170,000 shares.

EastGroup Properties, Inc. is an equity real estate investment trust. The Trust acquires and develops industrial properties in major sunbelt markets throughout the United States with a special emphasis in the states of California, Florida, Texas and Arizona.

In the past 52 weeks, EastGroup Properties share prices have been bracketed by a low of $46.75 and a high of $61.43 and are now at $61.19, 31% above that low price. The 200-day and 50-day moving averages have moved 0.27% higher and 0.47% higher over the past week, respectively.

Based on a current price of $61.19, EastGroup Properties is currently 7.0% above its average consensus analyst price target of $56.90. The stock should discover initial support at its 50-day moving average (MA) of $57.79 and subsequent support at its 200-day MA of $54.37.

By Robert Cotter