Investors Sell Shares of Simon Property Group Inc. (SPG) on Strength (SPG)
Traders sold shares of Simon Property Group Inc. (NYSE:SPG) on strength during trading on Wednesday. $57.28 million flowed into the stock on the tick-up and $72.81 million flowed out of the stock on the tick-down, for a money net flow of $15.53 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 $2.27 for the day and closed at $214.24
A number of research analysts have commented on the company. RBC Capital Markets downgraded Simon Property Group from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $220.00 to $230.00 in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Zacks Investment Research raised 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. Stifel Nicolaus increased their target price on Simon Property Group from $232.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Jefferies Group reaffirmed a “buy” rating on shares of Simon Property Group in a report on Wednesday, April 27th. Finally, Mizuho reaffirmed a “buy” rating on shares of Simon Property Group in a report on Thursday, May 26th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $232.79.
The stock has a market cap of $67.32 billion and a P/E ratio of 38.05. The stock’s 50-day moving average is $219.77 and its 200 day moving average is $205.99.
Simon Property Group (NYSE:SPG) last posted 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. During the same period last year, the firm posted $2.41 earnings per share. The company earned $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts predict that Simon Property Group Inc. will post $10.87 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th will be paid a $1.65 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.60. This represents a $6.60 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Monday, August 15th.
A number of large investors recently bought and sold shares of SPG. Schwab Charles Investment Management Inc. increased its stake in Simon Property Group by 8.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,175,127 shares of the real estate investment trust’s stock valued at $422,932,000 after buying an additional 161,238 shares during the period. American International Group Inc. increased its stake in Simon Property Group by 5.2% in the fourth quarter. American International Group Inc. now owns 133,594 shares of the real estate investment trust’s stock valued at $25,976,000 after buying an additional 6,587 shares during the last quarter. 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 valued at $762,843,000 after buying an additional 53,521 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Simon Property Group by 74.0% in the fourth quarter. Victory Capital Management Inc. now owns 10,711 shares of the real estate investment trust’s stock valued at $2,083,000 after buying an additional 4,554 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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