Traders Buy Simon Property Group, Inc. (SPG) on Weakness
Investors bought shares of Simon Property Group, Inc. (NYSE:SPG) on weakness during trading on Friday. $108.97 million flowed into the stock on the tick-up and $33.83 million flowed out of the stock on the tick-down, for a money net flow of $75.14 million into the stock. Of all equities tracked, Simon Property Group had the 11th highest net in-flow for the day. Simon Property Group traded down ($0.58) for the day and closed at $161.01
Several equities analysts have commented on the stock. Jefferies Group LLC reissued a “buy” rating and set a $190.00 target price on shares of Simon Property Group in a research note on Monday, July 17th. Boenning Scattergood set a $240.00 target price on shares of Simon Property Group and gave the company a “buy” rating in a research note on Wednesday, August 2nd. BidaskClub raised shares of Simon Property Group from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Argus lowered their target price on shares of Simon Property Group from $225.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, June 29th. Finally, Zacks Investment Research raised shares of Simon Property Group from a “sell” rating to a “hold” rating in a research note on Thursday, June 22nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $193.76.
The stock has a 50-day moving average of $159.49 and a 200 day moving average of $162.53. The firm has a market cap of $50.05 billion, a P/E ratio of 28.70 and a beta of 0.58.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.44 by $0.03. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.63 EPS. Equities analysts expect that Simon Property Group, Inc. will post $6.35 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the business. Norway Savings Bank raised its holdings in Simon Property Group by 19.5% during the 2nd quarter. Norway Savings Bank now owns 765 shares of the real estate investment trust’s stock worth $124,000 after purchasing an additional 125 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in Simon Property Group by 27.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 787 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 169 shares during the last quarter. Israel Discount Bank of New York bought a new stake in Simon Property Group during the 1st quarter worth about $146,000. Alpha Windward LLC raised its holdings in Simon Property Group by 12.2% during the 2nd quarter. Alpha Windward LLC now owns 856 shares of the real estate investment trust’s stock worth $138,000 after purchasing an additional 93 shares during the last quarter. Finally, IHT Wealth Management LLC raised its holdings in Simon Property Group by 5.3% during the 1st quarter. IHT Wealth Management LLC now owns 911 shares of the real estate investment trust’s stock worth $155,000 after purchasing an additional 46 shares during the last quarter. 94.93% of the stock is owned by hedge funds and other institutional investors.
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Simon Property Group Company Profile
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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