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Buyers Accumulate Shares of EastGroup Properties, Up 1.6%

Published on Thu, 04/11/2013 - 12:25
By Adrienne Chilton

Up 1.6% to $61.33, EastGroup Properties (NYSE:EGP), is one of today's notable movers. The S&P is currently trading 0.4% higher to 1,594 and the Dow Jones Industrial Average is trading 0.4% higher to 14,866.

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.

EastGroup Properties (NYSE:EGP) is currently priced 7.2% above its average consensus analyst price target of $56.90. The stock should find initial support at its 50-day moving average (MA) of $57.52 and further support at its 200-day MA of $54.22.

Over the past year, EastGroup Properties has traded in a range of $46.75 to $61.38 and is now at $61.33, 31% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.4%.

By Adrienne Chilton