Traders Buy Simon Property Group Inc. (SPG) on Weakness
Traders purchased shares of Simon Property Group Inc. (NYSE:SPG) on weakness during trading on Tuesday. $58.83 million flowed into the stock on the tick-up and $37.06 million flowed out of the stock on the tick-down, for a money net flow of $21.77 million into the stock. Of all equities tracked, Simon Property Group had the 24th highest net in-flow for the day. Simon Property Group traded down ($0.90) for the day and closed at $208.69
Several research firms recently commented on SPG. Mizuho downgraded Simon Property Group from a “buy” rating to a “neutral” rating and set a $238.00 price objective on the stock. in a research note on Wednesday, August 3rd. Vetr downgraded Simon Property Group from a “strong-buy” rating to a “buy” rating and set a $225.68 price objective on the stock. in a research note on Thursday, June 9th. BTIG Research began coverage on Simon Property Group in a research note on Thursday, August 25th. They issued a “buy” rating and a $266.00 price objective on the stock. Canaccord Genuity upped their price objective on Simon Property Group from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th. Finally, Stifel Nicolaus upped their price objective on Simon Property Group from $232.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, August 1st. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $236.00.
The company’s 50-day moving average price is $214.69 and its 200-day moving average price is $209.29. The stock has a market cap of $65.58 billion, a price-to-earnings ratio of 37.07 and a beta of 0.76.
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Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.01. Simon Property Group had a net margin of 34.03% and a return on equity of 34.61%. The firm earned $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm posted $2.41 EPS. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts forecast that Simon Property Group Inc. will post $10.86 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th were given a dividend of $1.65 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Monday, August 15th. This represents a $6.60 dividend on an annualized basis and a dividend yield of 3.16%. Simon Property Group’s payout ratio is presently 117.23%.
In related news, SVP Steven K. Broadwater sold 945 shares of Simon Property Group stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $215.41, for a total transaction of $203,562.45. Following the transaction, the senior vice president now owns 2,965 shares in the company, valued at approximately $638,690.65. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Andrew Juster sold 7,000 shares of Simon Property Group stock in a transaction on Monday, August 29th. The shares were sold at an average price of $215.68, for a total transaction of $1,509,760.00. The disclosure for this sale can be found here. Insiders own 8.50% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Simon Property Group during the fourth quarter worth $114,083,000. Capstone Asset Management Co. boosted its position in Simon Property Group by 2.3% in the first quarter. Capstone Asset Management Co. now owns 27,635 shares of the real estate investment trust’s stock worth $5,740,000 after buying an additional 621 shares during the period. Private Trust Co. NA boosted its position in Simon Property Group by 0.6% in the first quarter. Private Trust Co. NA now owns 1,624 shares of the real estate investment trust’s stock worth $337,000 after buying an additional 9 shares during the period. Boston Advisors LLC boosted its position in Simon Property Group by 0.9% in the first quarter. Boston Advisors LLC now owns 38,766 shares of the real estate investment trust’s stock worth $8,051,000 after buying an additional 364 shares during the period. Finally, Chesley Taft & Associates LLC boosted its position in Simon Property Group by 1.5% in the first quarter. Chesley Taft & Associates LLC now owns 6,150 shares of the real estate investment trust’s stock worth $1,277,000 after buying an additional 91 shares during the period. Institutional investors own 98.86% of the company’s stock.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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