Simon Property Group (NYSE:SPG) Sets New 52-Week High – Here’s What Happened

Simon Property Group, Inc. (NYSE:SPG)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $186.00 and last traded at $183.60, with a volume of 1231271 shares. The stock had previously closed at $183.75.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SPG shares. Scotiabank boosted their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Stifel Nicolaus restated a “hold” rating and set a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Mizuho boosted their price objective on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Finally, Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $162.78.

Simon Property Group Stock Down 0.1 %

The company has a market cap of $59.91 billion, a price-to-earnings ratio of 24.47, a P/E/G ratio of 10.73 and a beta of 1.74. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. The business has a fifty day moving average price of $173.96 and a two-hundred day moving average price of $161.04.

Simon Property Group (NYSE:SPG) last issued its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. Simon Property Group’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.20 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 12.78 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a $2.10 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.58%. Simon Property Group’s payout ratio is presently 109.19%.

Insider Activity at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 1.09 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Simon Property Group

Large investors have recently made changes to their positions in the company. Synovus Financial Corp boosted its position in Simon Property Group by 50.7% during the third quarter. Synovus Financial Corp now owns 2,607 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 877 shares during the period. Blankinship & Foster LLC bought a new stake in Simon Property Group during the third quarter worth approximately $608,000. Wilmington Savings Fund Society FSB bought a new stake in Simon Property Group during the third quarter worth approximately $834,000. World Investment Advisors LLC boosted its position in Simon Property Group by 17.3% during the third quarter. World Investment Advisors LLC now owns 3,534 shares of the real estate investment trust’s stock worth $597,000 after purchasing an additional 521 shares during the period. Finally, Sanctuary Advisors LLC boosted its position in Simon Property Group by 19.4% during the third quarter. Sanctuary Advisors LLC now owns 39,783 shares of the real estate investment trust’s stock worth $7,206,000 after purchasing an additional 6,475 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.