Simon Property Group (NYSE:SPG) Hits New 52-Week Low – Here’s Why

Simon Property Group, Inc. (NYSE:SPG) reached a new 52-week low during trading on Monday . The stock traded as low as $138.11 and last traded at $141.69, with a volume of 1084219 shares traded. The stock had previously closed at $146.05.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SPG shares. Scotiabank set a $186.00 target price on shares of Simon Property Group in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective for the company. Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and upped their target price for the company from $175.00 to $205.00 in a research note on Wednesday, February 5th. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and raised their price target for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Finally, StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $180.33.

Simon Property Group Stock Performance

The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The firm has a 50 day moving average price of $173.36 and a 200 day moving average price of $174.23. The stock has a market cap of $46.72 billion, a PE ratio of 19.72, a price-to-earnings-growth ratio of 10.10 and a beta of 1.45.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 10th were given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 5.87%. The ex-dividend date of this dividend was Monday, March 10th. Simon Property Group’s payout ratio is 115.70%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SPG. Norges Bank acquired a new stake in Simon Property Group in the fourth quarter valued at approximately $2,059,505,000. Northern Trust Corp lifted its holdings in shares of Simon Property Group by 45.9% during the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock valued at $940,758,000 after purchasing an additional 1,718,398 shares during the last quarter. Resolution Capital Ltd acquired a new stake in shares of Simon Property Group in the 4th quarter worth $212,592,000. GAMMA Investing LLC grew its stake in Simon Property Group by 16,346.0% during the 1st quarter. GAMMA Investing LLC now owns 876,736 shares of the real estate investment trust’s stock worth $145,608,000 after buying an additional 871,405 shares during the last quarter. Finally, Capital World Investors acquired a new position in Simon Property Group during the 4th quarter valued at about $119,777,000. Hedge funds and other institutional investors 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.