Simon Property Group (NYSE:SPG) Sets New 1-Year High – Here’s Why

Simon Property Group, Inc. (NYSE:SPG)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $187.10 and last traded at $186.24, with a volume of 1004082 shares traded. The stock had previously closed at $183.88.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Simon Property Group in a research report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective for the company. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and boosted their price objective for the company from $179.00 to $198.00 in a research report on Thursday, January 2nd. Mizuho boosted their price target on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $175.10.

Simon Property Group Trading Up 1.3 %

The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The business has a 50 day moving average of $175.60 and a two-hundred day moving average of $171.12. The firm has a market cap of $60.76 billion, a P/E ratio of 25.65, a PEG ratio of 9.58 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, topping the consensus estimate of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. Analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group’s dividend payout ratio is 115.70%.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 465 shares of Simon Property Group stock in a transaction that occurred on Monday, December 30th. The shares were acquired at an average price of $168.59 per share, with a total value of $78,394.35. Following the completion of the transaction, the director now directly owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.50% of the company’s stock.

Institutional Trading of Simon Property Group

Large investors have recently modified their holdings of the stock. Pitcairn Co. increased its holdings in Simon Property Group by 0.6% in the 4th quarter. Pitcairn Co. now owns 9,895 shares of the real estate investment trust’s stock valued at $1,704,000 after buying an additional 55 shares during the period. Childress Capital Advisors LLC lifted its stake in Simon Property Group by 3.6% during the fourth quarter. Childress Capital Advisors LLC now owns 1,689 shares of the real estate investment trust’s stock worth $291,000 after purchasing an additional 58 shares during the last quarter. Global X Japan Co. Ltd. increased its stake in shares of Simon Property Group by 9.9% in the 4th quarter. Global X Japan Co. Ltd. now owns 655 shares of the real estate investment trust’s stock valued at $113,000 after purchasing an additional 59 shares during the last quarter. HighPoint Advisor Group LLC raised its holdings in shares of Simon Property Group by 1.8% during the 4th quarter. HighPoint Advisor Group LLC now owns 3,396 shares of the real estate investment trust’s stock worth $626,000 after buying an additional 60 shares in the last quarter. Finally, Aptus Capital Advisors LLC boosted its stake in Simon Property Group by 3.9% in the third quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock valued at $273,000 after buying an additional 61 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

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.