Simon Property Group (SPG) Shares Gap Up to $162.26
Simon Property Group Inc (NYSE:SPG) shares gapped up prior to trading on Tuesday . The stock had previously closed at $158.52, but opened at $162.26. Simon Property Group shares last traded at $166.35, with a volume of 4140471 shares changing hands.
A number of brokerages have commented on SPG. Raymond James Financial set a $185.00 price objective on Simon Property Group and gave the company a “buy” rating in a report on Sunday, December 3rd. Royal Bank of Canada reaffirmed a “hold” rating and issued a $176.00 price objective on shares of Simon Property Group in a report on Thursday, November 2nd. Argus decreased their price objective on Simon Property Group from $200.00 to $195.00 and set a “buy” rating on the stock in a report on Tuesday, October 31st. Zacks Investment Research lowered Simon Property Group from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. Finally, SunTrust Banks set a $170.00 price objective on Simon Property Group and gave the company a “hold” rating in a report on Sunday, October 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $191.11.
The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 5.57. The firm has a market cap of $103,802.69, a PE ratio of 14.74, a price-to-earnings-growth ratio of 2.19 and a beta of 0.62.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Thursday, November 16th were given a dividend of $1.85 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.80. This represents a $7.40 annualized dividend and a dividend yield of 4.45%. The ex-dividend date was Wednesday, November 15th. Simon Property Group’s dividend payout ratio is currently 130.51%.
Hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its position in shares of Simon Property Group by 69.7% during the 3rd quarter. Parallel Advisors LLC now owns 772 shares of the real estate investment trust’s stock worth $124,000 after buying an additional 317 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its position in Simon Property Group by 27.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 787 shares of the real estate investment trust’s stock valued at $127,000 after purchasing an additional 169 shares during the last quarter. Highstreet Asset Management Inc. bought a new position in Simon Property Group in the second quarter valued at about $157,000. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its position in Simon Property Group by 0.7% in the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 973 shares of the real estate investment trust’s stock valued at $157,000 after purchasing an additional 7 shares during the last quarter. Finally, Boston Private Wealth LLC raised its position in Simon Property Group by 5.3% in the second quarter. Boston Private Wealth LLC now owns 1,261 shares of the real estate investment trust’s stock valued at $204,000 after purchasing an additional 63 shares during the last quarter. Institutional investors and hedge funds own 47.60% of the company’s stock.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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