Traders Buy Shares of Simon Property Group Inc. (SPG) on Weakness
Traders purchased shares of Simon Property Group Inc. (NYSE:SPG) on weakness during trading on Thursday. $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 stocks 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
SPG has been the subject of a number of research reports. RBC Capital Markets downgraded Simon Property Group from an “outperform” rating to a “sector perform” rating and lifted their target price 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. BTIG Research initiated coverage on Simon Property Group in a report on Thursday, August 25th. They set a “buy” rating and a $266.00 target price for the company. Zacks Investment Research raised Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 target price for the company in a report on Tuesday, July 5th. Stifel Nicolaus lifted their target price on Simon Property Group from $232.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Finally, Mizuho reaffirmed a “buy” rating on shares of Simon Property Group in a report on Thursday, May 26th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $234.45.
The company has a market capitalization of $67.88 billion and a P/E ratio of 38.37. The stock’s 50 day moving average is $219.00 and its 200 day moving average is $207.26.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.01. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the business posted $2.41 earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Simon Property Group Inc. will post $10.87 earnings per share for the current 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 dividend of $1.65 per share. The ex-dividend date was Monday, August 15th. 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 3.06%.
In other Simon Property Group news, CFO Andrew Juster sold 7,000 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $215.68, for a total transaction of $1,509,760.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of hedge funds recently bought and sold shares of SPG. American International Group Inc. boosted 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 worth $25,976,000 after buying an additional 6,587 shares during the last quarter. 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 last quarter. Finally, 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 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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