Traders Sell Simon Property Group Inc. (SPG) on Strength (SPG)
Traders sold shares of Simon Property Group Inc. (NYSE:SPG) on strength during trading hours on Thursday. $34.48 million flowed into the stock on the tick-up and $58.11 million flowed out of the stock on the tick-down, for a money net flow of $23.63 million out of the stock. Of all stocks tracked, Simon Property Group had the 0th highest net out-flow for the day. Simon Property Group traded up $0.55 for the day and closed at $216.02
SPG has been the topic of a number of research analyst reports. BTIG Research initiated coverage on Simon Property Group in a research report on Thursday, August 25th. They set a “buy” rating and a $266.00 target price on the stock. Mizuho restated a “buy” rating on shares of Simon Property Group in a research report on Thursday, May 26th. Goldman Sachs Group Inc. downgraded Simon Property Group from a “conviction-buy” rating to a “buy” rating and reduced their price objective for the company from $243.00 to $236.00 in a research report on Monday, June 13th. Zacks Investment Research upgraded Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 price objective on the stock in a research report on Tuesday, July 5th. Finally, Vetr downgraded Simon Property Group from a “strong-buy” rating to a “buy” rating and set a $225.68 price objective on the stock. in a research report on Thursday, June 9th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Simon Property Group 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 price-to-earnings ratio of 38.37. The stock’s 50 day moving average price is $219.00 and its 200-day moving average price is $207.26.
Simon Property Group (NYSE:SPG) last issued its earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.62 by $0.01. The company earned $1.32 billion during the quarter, compared to analyst estimates 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 previous year, the firm earned $2.41 earnings per share. Equities research analysts expect that Simon Property Group Inc. will post $10.87 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Wednesday, August 17th were issued a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend was Monday, August 15th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.60.
In related news, CFO Andrew Juster sold 7,000 shares of Simon Property Group stock in a transaction on Monday, August 29th. The stock was sold at an average price of $215.68, for a total value of $1,509,760.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Several hedge funds have modified their holdings of the company. American International Group Inc. boosted its stake in shares of 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 during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of 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. Finally, Dimensional Fund Advisors LP boosted 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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