Simon Property Group (NYSE:SPG) Reaches New 12-Month High – What’s Next?

Simon Property Group, Inc. (NYSE:SPG) reached a new 52-week high on Friday . The stock traded as high as $183.96 and last traded at $183.25, with a volume of 48751 shares changing hands. The stock had previously closed at $181.80.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SPG. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $160.00 to $172.00 in a research report on Monday, September 16th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Piper Sandler reissued a “neutral” rating and set a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Mizuho upped their price objective on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Stock Performance

The company has a market capitalization of $59.10 billion, a P/E ratio of 24.12, a price-to-earnings-growth ratio of 10.61 and a beta of 1.74. The business has a 50 day moving average of $172.55 and a 200 day moving average of $160.16. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company posted $3.20 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a $2.10 dividend. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.64%. Simon Property Group’s payout ratio is 109.19%.

Insider Activity

In other news, Director Allan B. Hubbard acquired 370 shares of the company’s stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the purchase, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SPG. SkyView Investment Advisors LLC boosted its stake in shares of Simon Property Group by 4.3% during the third quarter. SkyView Investment Advisors LLC now owns 3,803 shares of the real estate investment trust’s stock valued at $643,000 after purchasing an additional 158 shares during the period. Unigestion Holding SA bought a new stake in Simon Property Group during the 3rd quarter valued at about $655,000. TCW Group Inc. boosted its position in Simon Property Group by 5.3% in the 3rd quarter. TCW Group Inc. now owns 400,026 shares of the real estate investment trust’s stock valued at $67,612,000 after buying an additional 20,215 shares during the period. Soltis Investment Advisors LLC grew its stake in Simon Property Group by 1.1% in the 3rd quarter. Soltis Investment Advisors LLC now owns 22,931 shares of the real estate investment trust’s stock worth $3,876,000 after acquiring an additional 259 shares in the last quarter. Finally, Arete Wealth Advisors LLC purchased a new position in shares of Simon Property Group during the third quarter worth approximately $562,000. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Company Profile

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.