Analysts at Morgan Stanley initiated coverage on EastGroup Properties Inc. (NYSE: EGP) stock, starting the company at Underweight with a price target of $65.00. As a means of comparison, a number of other analysts have commented on the stock recently, and the company has secured a consensus one-year price target of $68.31, lower than the opening price of $74.45. EastGroup Properties Inc.stock has a 52-week high of $75.38.After beginning or initiating coverage, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Meanwhile U.S stocks were up on Tuesday after the long holiday weekend, with the NASDAQ establishing a new record closing high
The Dow Jones Industrial Average DJIA, +0.25% finished up 46.16 points, or 0.3%, at 18,538.12.
The S&P 500 index SPX, +0.30% rose 6.50 points, or 0.3%, to close at 2,186.48.
Meanwhile, the Nasdaq Composite Index COM P, +0.50% rose 26.01 points, or 0.5% to a new closing high of 5,275.91.
The Russell 2000 index RUT, +0.12% briefly touched a 52-week high of 1,254.41 Tuesday, and closed up fractionally just above 1,253.
Share prices sometimes get a bounce to the upside when analysts inititate coverage.
Shares of EastGroup Properties Inc. (NYSE: EGP) opened at $74.45 and traded in a range between, $73.27 and $75.38 yesterday, and last traded at $74.86, which represents a change of $ 0.18 over the previous closing price.
EastGroup Properties Inc. (NYSE: EGP) now has a market cap of 2.45B
The stocks average daily volume is 183,448 shares out of a total float 31,582,000 of and some 213,264 shares traded hands yesterday, 50 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are researching.
By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind EastGroup Properties Inc. (NYSE: EGP) now has a 50-day MA is $72.66 and 200-day MA is $64.89, and it has traded in a 52-week range between $49.31 – 75.38 and today’s last price is -0.69 percent off the 52 week high.
Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please see our terms and conditions page.