Simon Property Group Inc. (SPG) Stock Price Down 2.4%
Simon Property Group Inc. (NYSE:SPG) shares fell 2.4% during mid-day trading on Thursday . The company traded as low as $213.49 and last traded at $213.72, with a volume of 1,099,351 shares trading hands. The stock had previously closed at $218.98.
A number of research analysts recently weighed in on the company. Argus set a $245.00 price objective on Simon Property Group and gave the stock a “buy” rating in a report on Thursday. Jefferies Group reaffirmed a “buy” rating on shares of Simon Property Group in a report on Wednesday, April 27th. RBC Capital Markets lowered Simon Property Group from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $220.00 to $230.00 in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Vetr raised Simon Property Group from a “sell” rating to a “hold” rating and set a $232.00 price objective on the stock in a report on Tuesday, August 2nd. Finally, Zacks Investment Research lowered Simon Property Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Simon Property Group has an average rating of “Buy” and a consensus target price of $231.53.
The stock has a market cap of $67.63 billion and a P/E ratio of 38.23. The company has a 50 day moving average price of $220.12 and a 200-day moving average price of $204.36.
Simon Property Group (NYSE:SPG) last released its 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 firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the business earned $2.41 EPS. The company’s quarterly revenue was down 2.5% on a year-over-year basis. Analysts predict that Simon Property Group Inc. will post $10.87 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th will be issued a dividend of $1.65 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.60. This represents a $6.60 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date is Monday, August 15th.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in SPG. Victory Capital Management Inc. increased its position in Simon Property Group by 74.0% in the fourth quarter. Victory Capital Management Inc. now owns 10,711 shares of the real estate investment trust’s stock worth $2,083,000 after buying an additional 4,554 shares in the last quarter. Suntrust Banks Inc. increased its position in Simon Property Group by 34.0% in the fourth quarter. Suntrust Banks Inc. now owns 19,414 shares of the real estate investment trust’s stock worth $3,774,000 after buying an additional 4,926 shares in the last quarter. Stephens Inc. AR increased its stake in shares of 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 valued at $7,097,000 after buying an additional 3,000 shares during the period. Dimensional Fund Advisors LP increased 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. Finally, KBC Group NV increased 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 valued at $29,988,000 after buying an additional 13,004 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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