Traders Buy Simon Property Group Inc. (SPG) on Weakness
Investors bought shares of Simon Property Group Inc. (NYSE:SPG) on weakness during trading on Thursday. $176.32 million flowed into the stock on the tick-up and $59.30 million flowed out of the stock on the tick-down, for a money net flow of $117.02 million into the stock. Of all companies tracked, Simon Property Group had the 7th highest net in-flow for the day. Simon Property Group traded down ($0.43) for the day and closed at $215.47
A number of analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Vetr upgraded shares of Simon Property Group from a “sell” rating to a “hold” rating and set a $232.00 price target on the stock in a report on Tuesday, August 2nd. Argus set a $245.00 price target on shares of Simon Property Group and gave the company a “buy” rating in a report on Thursday, August 11th. Royal Bank Of Canada downgraded shares of Simon Property Group from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $220.00 to $230.00 in a report on Tuesday, August 2nd. Finally, Canaccord Genuity lifted their price target on shares of Simon Property Group from $235.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, August 16th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $234.45.
The firm’s 50 day moving average price is $218.85 and its 200 day moving average price is $207.33. The company has a market capitalization of $68.09 billion and a P/E ratio of 38.49.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.62 by $0.01. During the same quarter in the prior 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 was down 2.5% on a year-over-year basis. Equities research analysts forecast that Simon Property Group Inc. will post $10.87 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th were given a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Monday, August 15th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.60.
In other news, CFO Andrew Juster sold 7,000 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $215.68, for a total value of $1,509,760.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 makes up 0.5% of Dimensional Fund Advisors LP’s investment portfolio, making the stock its 16th largest position. Dimensional Fund Advisors LP owned approximately 1.27% of Simon Property Group worth $762,843,000 at the end of the most recent reporting 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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