Traders 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. $36.65 million flowed into the stock on the tick-up and $81.17 million flowed out of the stock on the tick-down, for a money net flow of $44.52 million out of the stock. Of all stocks tracked, Simon Property Group had the 5th highest net out-flow for the day. Simon Property Group traded up $1.10 for the day and closed at $225.30
A number of research analysts recently weighed in on SPG shares. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Simon Property Group in a report on Wednesday, April 20th. Zacks Investment Research raised Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 price objective on the stock in a research report on Tuesday, July 5th. Vetr lowered Simon Property Group from a “buy” rating to a “hold” rating and set a $212.51 price objective on the stock. in a research report on Tuesday, March 29th. Jefferies Group reissued a “buy” rating on shares of Simon Property Group in a research report on Wednesday, April 27th. Finally, Citigroup Inc. raised their price objective on Simon Property Group from $214.00 to $235.00 and gave the company a “buy” rating in a research report on Friday, April 1st. Sixteen investment analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus target price of $228.79.
The company’s 50-day moving average price is $212.43 and its 200 day moving average price is $200.76. The company has a market capitalization of $69.71 billion and a P/E ratio of 39.53.
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 (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.54 by $0.09. The business earned $1.34 billion during the quarter, compared to the consensus estimate of $1.26 billion. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.28 earnings per share. Analysts predict that Simon Property Group Inc. will post $10.86 EPS for the current year.
In other Simon Property Group news, Director Allan B. Hubbard acquired 136 shares of the firm’s stock in a transaction that occurred on Thursday, April 28th. The stock was purchased at an average cost of $204.92 per share, for a total transaction of $27,869.12. Following the completion of the acquisition, the director now owns 8,809 shares of the company’s stock, valued at approximately $1,805,140.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Other large investors have modified their holdings of the company. KBC Group NV boosted its stake in shares of Simon Property Group by 9.2% in the fourth quarter. KBC Group NV now owns 154,224 shares of the real estate investment trust’s stock worth $29,988,000 after buying an additional 13,004 shares in the last quarter. Ashburton Jersey Ltd purchased a new stake in Simon Property Group during the fourth quarter worth about $1,314,000. 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 worth $762,843,000 after buying an additional 53,521 shares during the period. Stephens Inc. AR boosted its stake in Simon Property Group by 9.0% in the fourth quarter. Stephens Inc. AR now owns 36,501 shares of the real estate investment trust’s stock worth $7,097,000 after buying an additional 3,000 shares during the period. Finally, Cibc World Markets Corp purchased a new stake in Simon Property Group during the fourth quarter worth about $43,749,000.
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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