Investors Buy Simon Property Group (SPG) on Weakness

Investors bought shares of Simon Property Group Inc (NYSE:SPG) on weakness during trading on Monday. $79.75 million flowed into the stock on the tick-up and $29.52 million flowed out of the stock on the tick-down, for a money net flow of $50.23 million into the stock. Of all companies tracked, Simon Property Group had the 10th highest net in-flow for the day. Simon Property Group traded down ($0.85) for the day and closed at $180.07

SPG has been the topic of a number of research reports. Citigroup increased their price objective on shares of Simon Property Group from $187.00 to $190.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Wells Fargo & Co increased their price objective on shares of Simon Property Group from $175.00 to $183.00 and gave the company an “outperform” rating in a research note on Tuesday, July 31st. Boenning Scattergood reissued a “buy” rating and issued a $240.00 price objective on shares of Simon Property Group in a research note on Monday, April 30th. Mizuho reissued a “buy” rating and issued a $188.00 price objective on shares of Simon Property Group in a research note on Wednesday, August 1st. Finally, Jefferies Financial Group restated a “$170.72” rating and issued a $194.00 target price on shares of Simon Property Group in a report on Wednesday, July 18th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $188.23.

The firm has a market cap of $57.95 billion, a PE ratio of 16.03, a PEG ratio of 2.49 and a beta of 0.57. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 6.13.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, July 30th. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.13. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a net margin of 40.11% and a return on equity of 55.59%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.23 EPS. analysts forecast that Simon Property Group Inc will post 12.11 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Friday, August 17th will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 4.44%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.94. The ex-dividend date is Thursday, August 16th. Simon Property Group’s dividend payout ratio is 71.36%.

In other news, insider John Rulli sold 1,330 shares of the stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $177.05, for a total transaction of $235,476.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Steven K. Broadwater sold 859 shares of the stock in a transaction dated Friday, June 29th. The stock was sold at an average price of $170.28, for a total transaction of $146,270.52. Following the transaction, the chief accounting officer now owns 1,734 shares in the company, valued at $295,265.52. The disclosure for this sale can be found here. 8.64% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Kaizen Advisory LLC lifted its holdings in shares of Simon Property Group by 138.1% during the 2nd quarter. Kaizen Advisory LLC now owns 712 shares of the real estate investment trust’s stock worth $121,000 after acquiring an additional 413 shares during the period. Peapack Gladstone Financial Corp purchased a new position in shares of Simon Property Group during the 2nd quarter worth about $203,000. Cumberland Partners Ltd purchased a new position in shares of Simon Property Group during the 2nd quarter worth about $204,000. Murphy Capital Management Inc. purchased a new position in shares of Simon Property Group during the 2nd quarter worth about $205,000. Finally, Pitcairn Co. purchased a new position in shares of Simon Property Group during the 2nd quarter worth about $213,000. Institutional investors and hedge funds own 94.27% of the company’s stock.

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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