Investors Sell Simon Property Group Inc. (SPG) on Strength (SPG)
Traders sold shares of Simon Property Group Inc. (NYSE:SPG) on strength during trading on Friday. $34.48 million flowed into the stock on the tick-up and $58.11 million flowed out of the stock on the tick-down, for a money net flow of $23.63 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 $0.55 for the day and closed at $216.02
A number of brokerages recently weighed in on SPG. Zacks Investment Research downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Vetr raised Simon Property Group from a “sell” rating to a “hold” rating and set a $232.00 price target on the stock in a research report on Tuesday, August 2nd. Argus set a $245.00 price target on Simon Property Group and gave the stock a “buy” rating in a research report on Thursday, August 11th. Royal Bank Of Canada downgraded Simon Property Group from an “outperform” rating to a “sector perform” rating and lifted their price target for the stock from $220.00 to $230.00 in a research report on Tuesday, August 2nd. Finally, Canaccord Genuity lifted their price target on Simon Property Group from $235.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $234.45.
The company has a market cap of $68.09 billion and a price-to-earnings ratio of 38.49. The company’s 50 day moving average is $218.85 and its 200 day moving average is $207.33.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 EPS for the quarter, beating the consensus estimate of $2.62 by $0.01. During the same period last year, the company posted $2.41 earnings per share. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities research analysts forecast 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 was paid on Wednesday, August 31st. Investors of record on Wednesday, August 17th were given a dividend of $1.65 per share. The ex-dividend date of this dividend was 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 3.05%.
In related news, CFO Andrew Juster sold 7,000 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $215.68, for a total transaction of $1,509,760.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
An institutional investor recently raised its position in Simon Property Group stock. Dimensional Fund Advisors LP raised its position in shares of Simon Property Group Inc. (NYSE:SPG) by 1.4% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 3,923,262 shares of the real estate investment trust’s stock after buying an additional 53,521 shares during the period. Simon Property Group accounts for about 0.5% of Dimensional Fund Advisors LP’s portfolio, making the stock its 16th largest position. Dimensional Fund Advisors LP owned approximately 1.27% of Simon Property Group worth $762,843,000 as of its most recent filing with the SEC.
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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