Traders Buy Shares of Simon Property Group, Inc. (SPG) on Weakness
Traders purchased shares of Simon Property Group, Inc. (NYSE:SPG) on weakness during trading hours on Monday. $60.66 million flowed into the stock on the tick-up and $34.68 million flowed out of the stock on the tick-down, for a money net flow of $25.98 million into the stock. Of all equities tracked, Simon Property Group had the 22nd highest net in-flow for the day. Simon Property Group traded down ($0.98) for the day and closed at $165.33
A number of equities research analysts have commented on SPG shares. Jefferies Group LLC reissued a “buy” rating and issued a $190.00 price objective on shares of Simon Property Group in a research note on Monday, July 17th. Argus reduced their price objective on Simon Property Group from $225.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, June 29th. Goldman Sachs Group, Inc. (The) raised Simon Property Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $175.00 to $185.00 in a research note on Tuesday, June 20th. Boenning Scattergood set a $240.00 target price on Simon Property Group and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research raised Simon Property Group from a “hold” rating to a “buy” rating and set a $182.00 target price on the stock in a research report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $193.07.
The firm has a market cap of $51.94 billion, a price-to-earnings ratio of 29.78 and a beta of 0.60. The company has a 50 day moving average price of $160.41 and a 200 day moving average price of $161.45.
Simon Property Group (NYSE:SPG) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 EPS for the quarter, beating the consensus estimate of $2.44 by $0.03. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the business posted $2.63 EPS. The company’s revenue was up 3.5% compared to the same quarter last year. Equities research analysts anticipate that Simon Property Group, Inc. will post $6.35 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of SPG. BlackRock Inc. boosted its stake in Simon Property Group by 1,886.1% during the 1st quarter. BlackRock Inc. now owns 29,769,454 shares of the real estate investment trust’s stock valued at $5,121,238,000 after purchasing an additional 28,270,599 shares during the last quarter. Capital World Investors boosted its stake in Simon Property Group by 25.4% during the 2nd quarter. Capital World Investors now owns 20,788,000 shares of the real estate investment trust’s stock valued at $3,362,667,000 after purchasing an additional 4,210,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in Simon Property Group by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 45,481,675 shares of the real estate investment trust’s stock valued at $7,824,213,000 after purchasing an additional 923,592 shares during the last quarter. Eaton Vance Management boosted its stake in Simon Property Group by 110.5% during the 2nd quarter. Eaton Vance Management now owns 1,545,545 shares of the real estate investment trust’s stock valued at $250,007,000 after purchasing an additional 811,457 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. boosted its stake in Simon Property Group by 118.1% during the 2nd quarter. Uniplan Investment Counsel Inc. now owns 1,318,807 shares of the real estate investment trust’s stock valued at $88,381,000 after purchasing an additional 714,159 shares during the last quarter. Institutional investors and hedge funds own 94.70% of the company’s stock.
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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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