Simon Property Group (NYSE:SPG) Reaches New 12-Month High – What’s Next?

Shares of Simon Property Group, Inc. (NYSE:SPG) 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 research analysts recently issued reports on the stock. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Scotiabank lifted their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Evercore ISI raised 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 research note on Monday, September 16th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $162.78.

Simon Property Group Trading Down 0.1 %

The business has a 50 day moving average of $174.30 and a 200 day moving average of $161.38. The firm has a market capitalization of $59.90 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 10.73 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) 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 quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.20 earnings per share. As a group, 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 given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.58%. This is a boost 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 dividend payout ratio (DPR) is currently 111.85%.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 8.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Simon Property Group

Hedge funds have recently modified their holdings of the business. Opal Wealth Advisors LLC bought a new stake in Simon Property Group during the 2nd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Simon Property Group during the second quarter worth $27,000. Capital Performance Advisors LLP bought a new stake in Simon Property Group in the 3rd quarter valued at $30,000. RFP Financial Group LLC boosted its stake in Simon Property Group by 727.3% in the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 160 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Simon Property Group during the 2nd quarter worth about $30,000. Institutional investors and hedge funds 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.