Simon Property Group (NYSE:SPG) Reaches New 52-Week High – Should You Buy?

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

Analysts Set New Price Targets

Several research firms recently weighed in on SPG. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Truist Financial upped their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Finally, Piper Sandler restated a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Stock Down 0.4 %

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

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the firm earned $3.20 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 4.64%. The ex-dividend date is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is currently 109.19%.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 8.50% of the company’s stock.

Institutional Trading of Simon Property Group

Several institutional investors have recently bought and sold shares of the business. EntryPoint Capital LLC acquired a new stake in shares of Simon Property Group in the first quarter valued at about $26,000. Advisors Asset Management Inc. increased its stake in Simon Property Group by 15.4% during the 1st quarter. Advisors Asset Management Inc. now owns 16,110 shares of the real estate investment trust’s stock worth $2,521,000 after buying an additional 2,148 shares in the last quarter. Gamco Investors INC. ET AL acquired a new position in shares of Simon Property Group during the first quarter valued at approximately $200,000. SVB Wealth LLC lifted its position in shares of Simon Property Group by 13.7% in the first quarter. SVB Wealth LLC now owns 6,064 shares of the real estate investment trust’s stock valued at $949,000 after acquiring an additional 733 shares in the last quarter. Finally, Ascent Group LLC acquired a new stake in shares of Simon Property Group in the first quarter worth approximately $274,000. 93.01% of the stock is owned by institutional investors and hedge funds.

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.