Simon Property Group (NYSE:SPG) Reaches New 12-Month High – Should You Buy?

Simon Property Group, Inc. (NYSE:SPG)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $182.84 and last traded at $181.48, with a volume of 49397 shares traded. The stock had previously closed at $181.34.

Wall Street Analyst Weigh In

SPG has been the topic of several analyst reports. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and raised their target price for the company from $160.00 to $172.00 in a report on Monday, September 16th. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Mizuho lifted their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Truist Financial lifted their target price on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group presently has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Stock Down 0.7 %

The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04. The firm has a market cap of $58.69 billion, a PE ratio of 24.15, a P/E/G ratio of 10.44 and a beta of 1.74. The business has a fifty day moving average price of $169.61 and a two-hundred day moving average price of $157.93.

Simon Property Group (NYSE:SPG) last issued its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the firm earned $3.20 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a $2.10 dividend. The ex-dividend date is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.67%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is currently 109.19%.

Insider Buying and Selling at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of the business’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On Simon Property Group

Several institutional investors have recently modified their holdings of SPG. Meeder Asset Management Inc. acquired a new stake in shares of Simon Property Group during the 1st quarter worth approximately $226,000. US Bancorp DE grew its position in shares of Simon Property Group by 3.8% during the 1st quarter. US Bancorp DE now owns 58,468 shares of the real estate investment trust’s stock worth $9,150,000 after buying an additional 2,117 shares during the period. Bleakley Financial Group LLC grew its position in shares of Simon Property Group by 1.3% during the 1st quarter. Bleakley Financial Group LLC now owns 6,033 shares of the real estate investment trust’s stock worth $944,000 after buying an additional 78 shares during the period. Entropy Technologies LP bought a new position in Simon Property Group during the 1st quarter worth approximately $731,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Simon Property Group by 196.9% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 336,446 shares of the real estate investment trust’s stock worth $52,650,000 after acquiring an additional 223,122 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

About Simon Property Group

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.