Simon Property Group Inc. (SPG) Sets New 12-Month High at $229.10
Simon Property Group Inc. (NYSE:SPG) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $229.10 and last traded at $227.73, with a volume of 656,244 shares traded. The stock had previously closed at $224.07.
SPG has been the subject of a number of recent analyst reports. Mizuho initiated coverage on shares of Simon Property Group in a research report on Wednesday, April 13th. They issued a “buy” rating and a $233.00 price objective for the company. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Simon Property Group in a research note on Wednesday, April 20th. Vetr upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $217.76 target price on the stock in a research note on Wednesday, April 6th. Zacks Investment Research upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 target price on the stock in a research note on Tuesday, July 5th. Finally, Jefferies Group reiterated a “buy” rating on shares of Simon Property Group in a research note on Wednesday, April 27th. Sixteen investment analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and a consensus price target of $228.79.
The company has a 50-day moving average price of $215.89 and a 200 day moving average price of $201.95. The company has a market cap of $71.34 billion and a PE ratio of 40.33.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.01. The company earned $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. The business’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.41 earnings per share. On average, equities research analysts expect that Simon Property Group Inc. will post $10.87 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th will be paid a $1.65 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Monday, August 15th. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.91%.
A number of hedge funds have made changes to their positions in the stock. Agran Libbie raised its stake in shares of 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 period. Cibc World Markets Corp acquired a new stake in shares of Simon Property Group during the fourth quarter valued at about $43,749,000. Waterfront Capital Partners LLC acquired a new stake in shares of Simon Property Group during the fourth quarter valued at about $13,781,000. Eagle Asset Management raised its stake in shares of Simon Property Group by 94.2% in the third quarter. Eagle Asset Management now owns 144,914 shares of the real estate investment trust’s stock valued at $26,622,000 after buying an additional 70,298 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of 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 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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