Eastgroup Properties (NYSE:EGP) Sees Large Volume Increase

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

The firm has a market cap of $4.61 billion, a P/E ratio of 26.71, a P/E/G ratio of 5.15 and a beta of 0.80. The company has a 50-day moving average of $119.31 and a 200 day moving average of $113.04.

In related news, Director David H. Hoster II sold 942 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total transaction of $104,401.86. Following the completion of the transaction, the director now owns 174,588 shares in the company, valued at approximately $19,349,588.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC lifted its position in shares of Eastgroup Properties by 1.1% during the 1st quarter. Parametric Portfolio Associates LLC now owns 112,360 shares of the real estate investment trust’s stock worth $12,544,000 after buying an additional 1,277 shares during the period. Retirement Systems of Alabama acquired a new stake in Eastgroup Properties during the 2nd quarter valued at $5,544,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Eastgroup Properties by 81.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 43,054 shares of the real estate investment trust’s stock valued at $4,993,000 after purchasing an additional 19,346 shares in the last quarter. Trillium Asset Management LLC increased its holdings in Eastgroup Properties by 4.8% during the 1st quarter. Trillium Asset Management LLC now owns 12,841 shares of the real estate investment trust’s stock valued at $1,434,000 after purchasing an additional 586 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Eastgroup Properties during the 1st quarter valued at $211,000. Institutional investors and hedge funds own 92.56% of the company’s stock.

About Eastgroup Properties (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.

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