Investors Sell Simon Property Group (SPG) on Strength (SPG)
Traders sold shares of Simon Property Group Inc (NYSE:SPG) on strength during trading on Wednesday. $49.03 million flowed into the stock on the tick-up and $127.89 million flowed out of the stock on the tick-down, for a money net flow of $78.86 million out of the stock. Of all stocks tracked, Simon Property Group had the 13th highest net out-flow for the day. Simon Property Group traded up $0.36 for the day and closed at $177.44
A number of research firms have issued reports on SPG. Barclays reissued a “buy” rating and issued a $202.00 target price on shares of Simon Property Group in a research note on Tuesday. Mizuho cut Simon Property Group to a “hold” rating and set a $193.00 target price for the company. in a research note on Tuesday, February 26th. Wells Fargo & Co lowered Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Finally, BMO Capital Markets restated a “buy” rating and issued a $191.00 price target on shares of Simon Property Group in a report on Friday, February 1st. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Simon Property Group has an average rating of “Buy” and an average target price of $195.33.
The firm has a market cap of $54.71 billion, a P/E ratio of 14.63, a PEG ratio of 3.18 and a beta of 0.57. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 6.21.
Simon Property Group announced that its Board of Directors has approved a share repurchase plan on Tuesday, February 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its holdings in Simon Property Group by 2.5% during the fourth quarter. BlackRock Inc. now owns 31,228,680 shares of the real estate investment trust’s stock worth $5,246,108,000 after acquiring an additional 763,535 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Simon Property Group by 33,036.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,272,633 shares of the real estate investment trust’s stock worth $67,000 after acquiring an additional 11,238,614 shares in the last quarter. FMR LLC raised its holdings in Simon Property Group by 19.8% during the fourth quarter. FMR LLC now owns 8,049,529 shares of the real estate investment trust’s stock worth $1,352,241,000 after acquiring an additional 1,331,005 shares in the last quarter. Northern Trust Corp raised its holdings in Simon Property Group by 6.3% during the fourth quarter. Northern Trust Corp now owns 5,794,517 shares of the real estate investment trust’s stock worth $973,422,000 after acquiring an additional 344,212 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Simon Property Group by 12.1% during the fourth quarter. Geode Capital Management LLC now owns 4,712,315 shares of the real estate investment trust’s stock worth $790,441,000 after acquiring an additional 507,345 shares in the last quarter. Institutional investors own 96.72% of the company’s stock.
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About Simon Property Group (NYSE:SPG)
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE:SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
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