Traders Buy Simon Property Group Inc. (SPG) on Weakness
Investors purchased shares of Simon Property Group Inc. (NYSE:SPG) on weakness during trading on Thursday. $123.60 million flowed into the stock on the tick-up and $96.28 million flowed out of the stock on the tick-down, for a money net flow of $27.32 million into the stock. Of all stocks tracked, Simon Property Group had the 2nd highest net in-flow for the day. Simon Property Group traded down ($4.43) for the day and closed at $214.55
A number of analysts have recently weighed in on the stock. Argus set a $245.00 price target on shares of Simon Property Group and gave the stock a “buy” rating in a research report on Thursday. Jefferies Group reissued a “buy” rating on shares of Simon Property Group in a research report on Wednesday, April 27th. RBC Capital Markets downgraded shares of Simon Property Group from an “outperform” rating to a “sector perform” rating and raised their price target 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. Vetr raised shares of Simon Property Group from a “sell” rating to a “hold” rating and set a $232.00 price target for the company in a research report on Tuesday, August 2nd. Finally, Zacks Investment Research cut Simon Property Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $231.53.
The company has a market capitalization of $67.42 billion and a PE ratio of 38.11. The firm has a 50 day moving average of $219.94 and a 200-day moving average of $204.15.
Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.63 EPS for the quarter, beating 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 company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.41 EPS. Equities research analysts predict that Simon Property Group Inc. will post $10.87 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th will be issued a $1.65 dividend. The ex-dividend date of this dividend is Monday, August 15th. This represents a $6.60 annualized dividend and a dividend yield of 3.08%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.60.
Several large investors have made changes to their positions in SPG. Bridgewater Associates LP acquired a new stake in shares of Simon Property Group during the fourth quarter valued at about $2,303,000. American International Group Inc. increased its position in Simon Property Group by 5.2% in the fourth quarter. American International Group Inc. now owns 133,594 shares of the real estate investment trust’s stock worth $25,976,000 after buying an additional 6,587 shares during the last quarter. KBC Group NV increased its position in 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 during the last quarter. Ashburton Jersey Ltd purchased a new position in Simon Property Group during the fourth quarter worth about $1,314,000. Finally, Dimensional Fund Advisors LP increased 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 worth $762,843,000 after buying an additional 53,521 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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