Traders Sell Simon Property Group Inc. (SPG) on Strength (SPG)
Investors sold shares of Simon Property Group Inc. (NYSE:SPG) on strength during trading on Friday. $46.24 million flowed into the stock on the tick-up and $104.39 million flowed out of the stock on the tick-down, for a money net flow of $58.15 million out of the stock. Of all stocks tracked, Simon Property Group had the 0th highest net out-flow for the day. Simon Property Group traded up $2.97 for the day and closed at $227.04
A number of research analysts recently issued reports on SPG shares. Citigroup Inc. lifted their price target on shares of Simon Property Group from $214.00 to $235.00 and gave the stock a “buy” rating in a research note on Friday, April 1st. Mizuho started coverage on shares of Simon Property Group in a research note on Wednesday, April 13th. They issued a “buy” rating and a $233.00 price target for the company. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Simon Property Group in a research note on Wednesday, April 20th. Vetr upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $217.76 price target for the company in a research note on Wednesday, April 6th. Finally, Zacks Investment Research upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 price target for the company in a research note on Tuesday, July 5th. Sixteen analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $228.79.
The stock has a market cap of $71.34 billion and a P/E ratio of 40.33. The stock’s 50-day moving average is $215.89 and its 200 day moving average is $201.95.
Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.01. During the same period in the previous year, the business posted $2.41 EPS. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts anticipate that Simon Property Group Inc. will post $10.87 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th will be given a dividend of $1.65 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.60. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Monday, August 15th.
Several hedge funds recently added to or reduced their stakes in SPG. Agran Libbie increased its stake 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 bought a new stake in Simon Property Group during the fourth quarter worth $43,749,000. Waterfront Capital Partners LLC bought a new stake in Simon Property Group during the fourth quarter worth $13,781,000. Eagle Asset Management increased its stake 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 increased its stake 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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