Traders Buy Shares of Simon Property Group (SPG) on Weakness

Investors bought shares of Simon Property Group Inc (NYSE:SPG) on weakness during trading on Wednesday. $72.69 million flowed into the stock on the tick-up and $38.02 million flowed out of the stock on the tick-down, for a money net flow of $34.67 million into the stock. Of all stocks tracked, Simon Property Group had the 18th highest net in-flow for the day. Simon Property Group traded down ($1.61) for the day and closed at $179.81

A number of analysts have issued reports on the company. Bank of America boosted their target price on Simon Property Group from $193.00 to $203.00 and gave the company a “buy” rating in a research report on Monday, September 10th. Royal Bank of Canada upped their price objective on Simon Property Group to $183.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 21st. Mizuho reaffirmed a “buy” rating and set a $188.00 price objective on shares of Simon Property Group in a research report on Wednesday, August 1st. Wells Fargo & Co upped their price objective on Simon Property Group from $175.00 to $183.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 31st. Finally, Citigroup upped their price objective on Simon Property Group from $187.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $189.29.

The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 6.13. The stock has a market capitalization of $58.46 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 2.51 and a beta of 0.52.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, July 30th. The real estate investment trust reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.13. Simon Property Group had a return on equity of 55.59% and a net margin of 40.11%. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the company earned $1.23 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis. analysts predict that Simon Property Group Inc will post 12.12 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 31st. Investors of record on Friday, August 17th were paid a dividend of $2.00 per share. The ex-dividend date was Thursday, August 16th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.45%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.94. Simon Property Group’s payout ratio is presently 71.36%.

In related news, CAO Steven K. Broadwater sold 859 shares of the business’s stock in a transaction on Friday, June 29th. The shares were sold at an average price of $170.28, for a total transaction of $146,270.52. Following the completion of the transaction, the chief accounting officer now owns 1,734 shares in the company, valued at $295,265.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John Rulli sold 1,330 shares of the business’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $177.05, for a total transaction of $235,476.50. The disclosure for this sale can be found here. Insiders own 8.64% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Swiss National Bank grew its stake in shares of Simon Property Group by 8.9% during the second quarter. Swiss National Bank now owns 1,085,698 shares of the real estate investment trust’s stock worth $184,775,000 after purchasing an additional 88,400 shares in the last quarter. Peapack Gladstone Financial Corp acquired a new position in Simon Property Group in the second quarter valued at $203,000. Centersquare Investment Management LLC boosted its stake in Simon Property Group by 7.3% in the second quarter. Centersquare Investment Management LLC now owns 3,070,931 shares of the real estate investment trust’s stock valued at $522,642,000 after acquiring an additional 208,486 shares in the last quarter. Private Advisor Group LLC acquired a new position in Simon Property Group in the second quarter valued at $668,000. Finally, Artisan Partners Limited Partnership boosted its stake in Simon Property Group by 6.0% in the second quarter. Artisan Partners Limited Partnership now owns 280,460 shares of the real estate investment trust’s stock valued at $47,731,000 after acquiring an additional 15,964 shares in the last quarter. Hedge funds and other institutional investors own 93.85% of the company’s stock.

Simon Property Group Company Profile (NYSE:SPG)

Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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