Simon Property Group Inc. (SPG) Sets New 12-Month High at $221.25
Simon Property Group Inc. (NYSE:SPG)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $221.25 and last traded at $220.92, with a volume of 400,907 shares changing hands. The stock had previously closed at $219.56.
Several equities analysts have commented on the company. Goldman Sachs Group Inc. downgraded Simon Property Group from a “conviction-buy” rating to a “buy” rating and cut their price objective for the company from $243.00 to $236.00 in a research report on Monday, June 13th. Vetr cut Simon Property Group from a “strong-buy” rating to a “buy” rating and set a $227.18 target price for the company. in a report on Wednesday, June 15th. Mizuho reiterated a “buy” rating on shares of Simon Property Group in a report on Thursday, May 26th. Citigroup Inc. upped their target price on Simon Property Group from $214.00 to $235.00 and gave the stock a “buy” rating in a report on Friday, April 1st. Finally, Jefferies Group reiterated a “buy” rating on shares of Simon Property Group in a report on Wednesday, April 27th. Sixteen analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and a consensus target price of $228.79.
The firm’s 50-day moving average price is $205.21 and its 200 day moving average price is $198.74. The stock has a market cap of $68.57 billion and a price-to-earnings ratio of 38.89.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $2.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.54 by $0.09. During the same period in the previous year, the firm posted $2.28 earnings per share. The firm earned $1.34 billion during the quarter, compared to analyst estimates of $1.26 billion. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities research analysts anticipate that Simon Property Group Inc. will post $10.86 EPS for the current fiscal year.
In related news, Director Allan B. Hubbard bought 136 shares of the stock in a transaction that occurred on Thursday, April 28th. The stock was purchased at an average cost of $204.92 per share, with a total value of $27,869.12. Following the purchase, the director now directly owns 8,809 shares of the company’s stock, valued at approximately $1,805,140.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Other hedge funds and institutional investors recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Simon Property Group by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 41,471,502 shares of the real estate investment trust’s stock valued at $8,063,719,000 after buying an additional 1,067,581 shares during the last quarter. Principal Financial Group Inc. boosted its position in Simon Property Group by 3.7% in the fourth quarter. Principal Financial Group Inc. now owns 5,461,580 shares of the real estate investment trust’s stock valued at $1,061,948,000 after buying an additional 194,067 shares during the last quarter. Agran Libbie boosted its position in Simon Property Group by 9,970.4% in the fourth quarter. Agran Libbie now owns 5,225,546 shares of the real estate investment trust’s stock valued at $10,161,000 after buying an additional 5,173,656 shares during the last quarter. Dimensional Fund Advisors LP boosted its position 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, Schroder Investment Management Group boosted its position in Simon Property Group by 0.7% in the fourth quarter. Schroder Investment Management Group now owns 608,746 shares of the real estate investment trust’s stock valued at $118,365,000 after buying an additional 4,014 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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