Eastgroup Properties (NYSE:EGP) Sees Large Volume Increase

Eastgroup Properties Inc (NYSE:EGP) saw strong trading volume on Friday . 1,089,233 shares traded hands during mid-day trading, an increase of 295% from the previous session’s volume of 275,466 shares.The stock last traded at $124.75 and had previously closed at $122.84.

A number of analysts have recently issued reports on the company. Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 target price for the company in a report on Monday, August 5th. Morgan Stanley increased their target price on Eastgroup Properties from $105.00 to $110.00 and gave the company an “equal weight” rating in a report on Monday, June 3rd. Finally, SunTrust Banks increased their target price on Eastgroup Properties from $105.00 to $115.00 and gave the company a “hold” rating in a report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $110.65.

The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of 26.71, a P/E/G ratio of 5.15 and a beta of 0.80. The stock’s 50 day moving average price is $119.55 and its two-hundred day moving average price is $113.10.



In other news, Director David H. Hoster II sold 942 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $110.83, for a total value of $104,401.86. Following the transaction, the director now directly owns 174,588 shares of the company’s stock, valued at $19,349,588.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new position in shares of Eastgroup Properties in the 2nd quarter worth approximately $37,000. Tower Research Capital LLC TRC lifted its stake in shares of Eastgroup Properties by 1,773.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 562 shares of the real estate investment trust’s stock worth $65,000 after purchasing an additional 532 shares during the period. Quantamental Technologies LLC bought a new position in shares of Eastgroup Properties in the 1st quarter worth approximately $67,000. Steward Partners Investment Advisory LLC purchased a new stake in Eastgroup Properties during the 2nd quarter valued at approximately $81,000. Finally, Private Capital Group LLC grew its holdings in Eastgroup Properties by 45.1% during the 1st quarter. Private Capital Group LLC now owns 721 shares of the real estate investment trust’s stock valued at $81,000 after buying an additional 224 shares in the last quarter. 92.56% of the stock is currently owned by institutional investors and hedge funds.

Eastgroup Properties Company Profile (NYSE:EGP)

EastGroup Properties, Inc 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.

Featured Story: Different Options Trading Strategies

Receive News & Ratings for Eastgroup Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastgroup Properties and related companies with MarketBeat.com's FREE daily email newsletter.