Simon Property Group (NYSE:SPG) Sets New 12-Month High – Here’s What Happened

Simon Property Group, Inc. (NYSE:SPG) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $176.79 and last traded at $176.67, with a volume of 343945 shares. The stock had previously closed at $174.35.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Piper Sandler reissued a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Stifel Nicolaus reaffirmed 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. Truist Financial boosted their target price 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. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Finally, Scotiabank lifted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Stock Performance

The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock’s 50 day moving average is $165.57 and its 200 day moving average is $154.43. The stock has a market capitalization of $57.64 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 9.41 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.88 earnings per share. On average, analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were issued a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 4.64%. Simon Property Group’s payout ratio is presently 104.19%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard acquired 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 purchase, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Several institutional investors have recently modified their holdings of the company. Raymond James & Associates lifted its position in Simon Property Group by 2.4% in the third quarter. Raymond James & Associates now owns 274,616 shares of the real estate investment trust’s stock worth $46,416,000 after purchasing an additional 6,358 shares during the period. Schubert & Co purchased a new stake in Simon Property Group in the 3rd quarter worth about $202,000. Capital Investment Advisors LLC lifted its stake in Simon Property Group by 19.2% in the 3rd quarter. Capital Investment Advisors LLC now owns 2,995 shares of the real estate investment trust’s stock worth $506,000 after acquiring an additional 483 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Simon Property Group by 213.4% during the third quarter. Blue Trust Inc. now owns 4,338 shares of the real estate investment trust’s stock worth $733,000 after purchasing an additional 2,954 shares during the period. Finally, Vert Asset Management LLC grew its holdings in shares of Simon Property Group by 0.6% during the 3rd quarter. Vert Asset Management LLC now owns 121,615 shares of the real estate investment trust’s stock valued at $20,555,000 after acquiring an additional 688 shares in the last quarter. 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.