Shares of EastGroup Properties Inc. (NYSE:EGP) traded at a new 52-week high today of $160.34. Approximately 66,000 shares have changed hands today, as compared to an average 30-day volume of 161,000 shares.
EastGroup Properties Inc is an equity real estate investment trust. It is engaged in the acquisition, development, and operation of industrial properties in major urban areas within the Sunbelt region of the United States. The company manages a portfolio of industrial and office buildings mainly clustered around large transportation hubs. The vast majority of these properties are multi-tenant business distribution buildings that provide large warehousing and office space for customers. Properties located in Texas and Florida account for most of EastGroup's total real estate portfolio. The company derives its revenue in the form of rental income from mostly medium-term leases. Bulk distribution and business service space comprise the remainder of East Group's properties.
EastGroup Properties Inc. (NYSE:EGP) is currently priced 4.1% above its average consensus analyst price target of $153.18.
Over the past year, EastGroup Properties Inc. has traded in a range of $113.47 to $160.34 and is now at $159.72, 41% above that low.
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