Traders Sell Shares of Simon Property Group Inc. (SPG) on Strength (SPG)
Traders sold shares of Simon Property Group Inc. (NYSE:SPG) on strength during trading hours on Friday. $39.08 million flowed into the stock on the tick-up and $100.90 million flowed out of the stock on the tick-down, for a money net flow of $61.82 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 $0.82 for the day and closed at $208.73
Several brokerages have recently commented on SPG. Mizuho cut shares of Simon Property Group from a “buy” rating to a “neutral” rating and set a $238.00 price target on the stock. in a research report on Wednesday, August 3rd. Vetr cut shares of Simon Property Group from a “strong-buy” rating to a “buy” rating and set a $225.68 target price on the stock. in a report on Thursday, June 9th. BTIG Research began coverage on shares of Simon Property Group in a report on Thursday, August 25th. They issued a “buy” rating and a $266.00 target price on the stock. Canaccord Genuity raised their target price on shares of Simon Property Group from $235.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. Finally, Stifel Nicolaus raised their target price on shares of Simon Property Group from $232.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $236.00.
The firm has a market cap of $65.59 billion, a PE ratio of 37.07 and a beta of 0.76. The stock has a 50-day moving average of $215.73 and a 200-day moving average of $208.92.
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Simon Property Group (NYSE:SPG) last posted its earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.62 by $0.01. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Simon Property Group had a net margin of 34.03% and a return on equity of 34.61%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.41 earnings per share. Equities research analysts forecast that Simon Property Group Inc. will post $10.87 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Wednesday, August 17th were paid a $1.65 dividend. The ex-dividend date of this dividend was Monday, August 15th. This represents a $6.60 dividend on an annualized basis and a yield of 3.16%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.60. Simon Property Group’s payout ratio is presently 117.23%.
In other Simon Property Group news, SVP Steven K. Broadwater sold 945 shares of the business’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $215.41, for a total value of $203,562.45. Following the transaction, the senior vice president now directly owns 2,965 shares in the company, valued at $638,690.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, 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 transaction of $1,509,760.00. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in SPG. Norges Bank purchased a new position in Simon Property Group during the fourth quarter worth approximately $114,083,000. Capstone Asset Management Co. raised its position in shares of Simon Property Group by 2.3% in the first quarter. Capstone Asset Management Co. now owns 27,635 shares of the real estate investment trust’s stock worth $5,740,000 after buying an additional 621 shares during the last quarter. Private Trust Co. NA raised its position in shares of Simon Property Group by 0.6% in the first quarter. Private Trust Co. NA now owns 1,624 shares of the real estate investment trust’s stock worth $337,000 after buying an additional 9 shares during the last quarter. Boston Advisors LLC raised its position in shares of Simon Property Group by 0.9% in the first quarter. Boston Advisors LLC now owns 38,766 shares of the real estate investment trust’s stock worth $8,051,000 after buying an additional 364 shares during the last quarter. Finally, Raymond James Trust N.A. raised its position in shares of Simon Property Group by 6.9% in the first quarter. Raymond James Trust N.A. now owns 7,649 shares of the real estate investment trust’s stock worth $1,589,000 after buying an additional 492 shares during the last quarter. Hedge funds and other institutional investors own 98.86% of the company’s stock.
Simon Property Group Company Profile
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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