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

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

Wall Street Analysts Forecast Growth

SPG has been the subject of a number of research analyst reports. Truist Financial lifted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Scotiabank lifted 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 note on Monday, August 26th. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Piper Sandler restated a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Mizuho lifted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Trading Down 0.1 %

The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm’s 50 day simple moving average is $173.96 and its two-hundred day simple moving average is $161.04. The stock has a market cap of $59.91 billion, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 10.73 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its 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). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the firm earned $3.20 EPS. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.78 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared 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 is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend 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 109.19%.

Insider Activity

In related news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group 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 completion of the acquisition, the director now directly 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 hyperlink. Corporate insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On Simon Property Group

Institutional investors have recently bought and sold shares of the stock. Opal Wealth Advisors LLC acquired a new stake in Simon Property Group in the second quarter worth about $25,000. Wetzel Investment Advisors Inc. bought a new stake in Simon Property Group in the second quarter worth about $27,000. RFP Financial Group LLC raised its position in Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 160 shares in the last quarter. Pathway Financial Advisers LLC bought a new stake in Simon Property Group in the first quarter worth about $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Simon Property Group in the second quarter worth about $30,000. 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.