Simon Property Group (NYSE:SPG) Sets New 1-Year High – Here’s Why

Simon Property Group, Inc. (NYSE:SPG) reached a new 52-week high during trading on Friday . The stock traded as high as $183.96 and last traded at $183.25, with a volume of 48751 shares traded. The stock had previously closed at $181.80.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPG. Mizuho raised their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Scotiabank raised their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Finally, Truist Financial boosted their price target on Simon Property Group from $147.00 to $158.00 and gave the stock 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 issued a buy rating to the company. According to data from MarketBeat.com, Simon Property Group has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Stock Performance

The firm’s 50 day simple moving average is $172.21 and its 200 day simple moving average is $159.82. The firm has a market capitalization of $59.46 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 10.57 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $3.20 earnings per share. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 4.61%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s payout ratio is 111.85%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 1.09 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 8.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SPG. Covestor Ltd lifted its holdings in Simon Property Group by 58.9% during the first quarter. Covestor Ltd now owns 259 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 96 shares in the last quarter. Shell Asset Management Co. boosted its holdings in Simon Property Group by 36.6% in the 1st quarter. Shell Asset Management Co. now owns 3,241 shares of the real estate investment trust’s stock worth $507,000 after buying an additional 868 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Simon Property Group in the 1st quarter worth about $26,000. CreativeOne Wealth LLC purchased a new stake in Simon Property Group during the 1st quarter worth approximately $465,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of Simon Property Group by 15.4% during the first quarter. Advisors Asset Management Inc. now owns 16,110 shares of the real estate investment trust’s stock valued at $2,521,000 after acquiring an additional 2,148 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

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.