Investors Sell Simon Property Group Inc. (SPG) on Strength (SPG)
Investors sold shares of Simon Property Group Inc. (NYSE:SPG) on strength during trading on Thursday. $41.16 million flowed into the stock on the tick-up and $71.37 million flowed out of the stock on the tick-down, for a money net flow of $30.21 million out of the stock. Of all companies tracked, Simon Property Group had the 0th highest net out-flow for the day. Simon Property Group traded up $2.37 for the day and closed at $224.07
SPG has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 target price on the stock in a report on Tuesday, July 5th. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Simon Property Group in a report on Wednesday, April 20th. Jefferies Group reiterated a “buy” rating on shares of Simon Property Group in a report on Wednesday, April 27th. Citigroup Inc. boosted their price objective on shares of Simon Property Group from $214.00 to $235.00 and gave the stock a “buy” rating in a report on Friday, April 1st. Finally, Mizuho assumed coverage on shares of Simon Property Group in a report on Wednesday, April 13th. They issued a “buy” rating and a $233.00 price objective on the stock. Sixteen research analysts have rated the stock with a buy rating, Simon Property Group has a consensus rating of “Buy” and an average price target of $228.79.
The company has a 50-day moving average of $215.16 and a 200-day moving average of $201.66. The stock has a market capitalization of $69.33 billion and a PE ratio of 39.32.
Simon Property Group (NYSE:SPG) last posted its earnings results 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. The firm earned $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.41 earnings per share. On average, equities analysts forecast that Simon Property Group Inc. will post $10.87 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Investors of record on Wednesday, August 17th will be paid a $1.65 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.60. The ex-dividend date is Monday, August 15th. This represents a $6.60 dividend on an annualized basis and a yield of 2.95%.
A number of hedge funds and institutional investors have recently bought and sold shares of the stock. Agran Libbie raised its position in Simon Property Group by 9,970.4% in the fourth quarter. Agran Libbie now owns 5,225,546 shares of the real estate investment trust’s stock worth $10,161,000 after buying an additional 5,173,656 shares during the last quarter. Cibc World Markets Corp purchased a new position in Simon Property Group during the fourth quarter worth about $43,749,000. Waterfront Capital Partners LLC purchased a new position in Simon Property Group during the fourth quarter worth about $13,781,000. Eagle Asset Management raised its position in Simon Property Group by 94.2% in the third quarter. Eagle Asset Management now owns 144,914 shares of the real estate investment trust’s stock worth $26,622,000 after buying an additional 70,298 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Simon Property Group by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,923,262 shares of the real estate investment trust’s stock worth $762,843,000 after buying an additional 53,521 shares during the last quarter.
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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