Investors Buy Shares of Simon Property Group Inc. (SPG) on Weakness
Investors purchased shares of Simon Property Group Inc. (NYSE:SPG) on weakness during trading on Wednesday. $176.32 million flowed into the stock on the tick-up and $59.30 million flowed out of the stock on the tick-down, for a money net flow of $117.02 million into the stock. Of all companies tracked, Simon Property Group had the 7th highest net in-flow for the day. Simon Property Group traded down ($0.43) for the day and closed at $215.47
A number of analysts have recently weighed in on SPG shares. Goldman Sachs Group Inc. lowered shares of Simon Property Group from a “conviction-buy” rating to a “buy” rating and dropped their target price for the stock from $243.00 to $236.00 in a report on Monday, June 13th. RBC Capital Markets downgraded shares of Simon Property Group from an “outperform” rating to a “sector perform” rating and increased their price target for the stock from $220.00 to $230.00 in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Mizuho reissued a “buy” rating on shares of Simon Property Group in a research note on Thursday, May 26th. Finally, Argus set a $245.00 price target on shares of Simon Property Group and gave the stock a “buy” rating in a research note on Thursday, August 11th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $234.45.
The stock has a 50 day moving average of $219.23 and a 200 day moving average of $207.20. The company has a market cap of $67.71 billion and a P/E ratio of 38.27.
Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.01. During the same period last year, the firm earned $2.41 earnings per share. The company earned $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Simon Property Group’s quarterly revenue was down 2.5% on a year-over-year basis. On average, equities analysts expect that Simon Property Group Inc. will post $10.87 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th were given a $1.65 dividend. The ex-dividend date was Monday, August 15th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.60. This represents a $6.60 annualized dividend and a yield of 3.06%.
In other Simon Property Group news, CFO Andrew Juster sold 7,000 shares of the business’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $215.68, for a total value of $1,509,760.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
A number of large investors recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its stake in Simon Property Group by 8.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,175,127 shares of the real estate investment trust’s stock valued at $422,932,000 after buying an additional 161,238 shares during the period. Dimensional Fund Advisors LP raised 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 valued at $762,843,000 after buying an additional 53,521 shares in the last quarter. Finally, American International Group Inc. raised its stake 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 valued at $25,976,000 after buying an additional 6,587 shares in 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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