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. $45.28 million flowed into the stock on the tick-up and $66.56 million flowed out of the stock on the tick-down, for a money net flow of $21.28 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 $1.31 for the day and closed at $215.55
SPG has been the subject of several research analyst reports. Vetr raised shares of Simon Property Group from a “buy” rating to a “strong-buy” rating and set a $225.68 target price for the company in a report on Monday, May 16th. Mizuho reaffirmed a “buy” rating on shares of Simon Property Group in a report on Thursday, May 26th. Goldman Sachs Group Inc. downgraded shares of Simon Property Group from a “conviction-buy” rating to a “buy” rating and reduced their target price for the stock from $243.00 to $236.00 in a report on Monday, June 13th. Zacks Investment Research raised shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 target price for the company in a report on Tuesday, July 5th. Finally, Stifel Nicolaus lifted their target price on shares of Simon Property Group from $232.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Simon Property Group has an average rating of “Buy” and a consensus price target of $234.45.
The firm has a market capitalization of $67.17 billion and a PE ratio of 37.97. The stock’s 50-day moving average is $219.67 and its 200 day moving average is $206.28.
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, beating the consensus estimate of $2.62 by $0.01. The company earned $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.41 EPS. 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. Investors of record on Wednesday, August 17th will be issued a $1.65 dividend. This represents a $6.60 annualized dividend and a yield of 3.09%. The ex-dividend date is Monday, August 15th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.60.
Other hedge funds recently added to or reduced their stakes in the company. American International Group Inc. boosted 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 period. Schwab Charles Investment Management Inc. boosted 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. 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 during the period.
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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