Trading Lower on Heavy Volume are Shares of EastGroup Properties on 1.6x Above-Average Volume (EGP)

Published on Wed, 07/24/2013 - 14:23
By Adrienne Chilton in Unusual volume, EGP, eastgroup properties, nyse:egp, unusual volume

EastGroup Properties shares are trading on heavy volume today, having fallen 0.8% to $62.78. About 331,000 shares have been traded today, as compared to the 30-day average volume of 205,000 shares. Spikes in volume can validate a breakout or signify a potential turning point.

There is potential upside of 1.3% for shares of EastGroup Properties based on a current price of $62.78 and an average consensus analyst price target of $63.61. EastGroup Properties shares have support at the 50-day moving average (MA) of $59.45 and additional support at the 200-day MA of $56.80.

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.

Over the past year, EastGroup Properties has traded in a range of $49.72 to $66.99 and is now at $62.78, 26% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

By Adrienne Chilton
achilton@fnno.com

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