Traders Sell Simon Property Group Inc. (SPG) on Strength (SPG)
Traders sold shares of Simon Property Group Inc. (NYSE:SPG) on strength during trading hours 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 stocks 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
Several research firms have recently issued reports on SPG. Vetr upgraded Simon Property Group from a “buy” rating to a “strong-buy” rating and set a $225.68 target price for the company in a research report on Monday, May 16th. Zacks Investment Research upgraded Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 target price for the company in a research report on Tuesday, July 5th. Citigroup Inc. boosted their target price on Simon Property Group from $214.00 to $235.00 and gave the stock a “buy” rating in a research report on Friday, April 1st. Mizuho began coverage on Simon Property Group in a research report on Wednesday, April 13th. They set a “buy” rating and a $233.00 target price for the company. Finally, Goldman Sachs Group Inc. restated a “buy” rating on shares of Simon Property Group in a research report on Wednesday, April 20th. Sixteen equities research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus target price of $228.79.
The company has a market cap of $71.34 billion and a P/E ratio of 40.33. The stock has a 50 day moving average price of $215.89 and a 200 day moving average price of $201.95.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.01. The company earned $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the company posted $2.41 EPS. The company’s quarterly revenue was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Simon Property Group Inc. will post $10.87 earnings per share for the current year.
The firm 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 dividend of $1.65 per share. The ex-dividend date is Monday, August 15th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.60. This represents a $6.60 annualized dividend and a yield of 2.91%.
A number of large investors have added to or reduced their stakes in the company. Agran Libbie boosted 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 valued at $10,161,000 after buying an additional 5,173,656 shares in the last quarter. Cibc World Markets Corp acquired a new stake in Simon Property Group during the fourth quarter valued at approximately $43,749,000. Waterfront Capital Partners LLC acquired a new stake in Simon Property Group during the fourth quarter valued at approximately $13,781,000. Eagle Asset Management boosted 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 valued at $26,622,000 after buying an additional 70,298 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted 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 valued at $762,843,000 after buying an additional 53,521 shares in 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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