Traders 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 hours on Thursday. $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
Several equities research analysts recently issued reports on the company. Deutsche Bank AG increased their price objective on Simon Property Group from $232.00 to $233.00 and gave the stock a “buy” rating in a research note on Wednesday, August 17th. Argus set a $245.00 target price on Simon Property Group and gave the stock a “buy” rating in a research report on Thursday, August 11th. Zacks Investment Research lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. Vetr raised Simon Property Group from a “sell” rating to a “hold” rating and set a $232.00 target price on the stock in a research report on Tuesday, August 2nd. Finally, RBC Capital Markets lowered Simon Property Group from an “outperform” rating to a “sector perform” rating and upped their target price for the stock from $220.00 to $230.00 in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $234.45.
The stock’s 50 day moving average price is $218.85 and its 200-day moving average price is $207.33. The firm has a market cap of $68.09 billion and a PE ratio of 38.49.
Simon Property Group (NYSE:SPG) last posted its earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.62 by $0.01. The business had revenue of $1.32 billion for 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 in the prior year, the firm posted $2.41 earnings per share. On average, 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. Shareholders of record on Wednesday, August 17th were issued a dividend of $1.65 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.60. The ex-dividend date was Monday, August 15th. This represents a $6.60 annualized dividend and a yield of 3.05%.
In other Simon Property Group news, CFO Andrew Juster sold 7,000 shares of Simon Property Group stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $215.68, for a total transaction of $1,509,760.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
A hedge fund recently raised its stake in Simon Property Group stock. Dimensional Fund Advisors LP increased its stake in Simon Property Group Inc. (NYSE:SPG) by 1.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 about 0.5% of Dimensional Fund Advisors LP’s holdings, making the stock its 16th largest position. Dimensional Fund Advisors LP owned about 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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