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

by · The Cerbat Gem

Simon Property Group, Inc. (NYSE:SPG – Get Free Report)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $177.80 and last traded at $177.43, with a volume of 9501 shares. The stock had previously closed at $174.39.

Analyst Upgrades and Downgrades

SPG has been the subject of several analyst reports. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Scotiabank upped their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler reissued a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Seven equities 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, the company presently has an average rating of “Hold” and a consensus target price of $162.78.

Read Our Latest Stock Report on Simon Property Group

Simon Property Group Price Performance

The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04. The company has a fifty day moving average of $168.77 and a 200 day moving average of $156.96. The firm has a market capitalization of $56.60 billion, a P/E ratio of 23.22, a PEG ratio of 9.79 and a beta of 1.74.

Simon Property Group (NYSE:SPG – Get Free Report) last announced its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business earned $3.20 EPS. Sell-side analysts predict that Simon Property Group, Inc. will post 12.83 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. Stockholders of record on Monday, December 9th will be paid a $2.10 dividend. The ex-dividend date is Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.84%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is currently 109.19%.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Several hedge funds have recently modified their holdings of SPG. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Simon Property Group by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after buying an additional 3,626 shares during the last quarter. M&G Plc bought a new position in shares of Simon Property Group during the 1st quarter worth $4,654,000. TTP Investments Inc. increased its holdings in Simon Property Group by 42.0% in the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after acquiring an additional 10,147 shares during the last quarter. Red Cedar Investment Management LLC increased its holdings in Simon Property Group by 153.2% in the 3rd quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after acquiring an additional 10,644 shares during the last quarter. Finally, Entropy Technologies LP bought a new stake in Simon Property Group in the 1st quarter valued at about $731,000. Institutional investors own 93.01% of the company’s stock.

About Simon Property Group

(Get Free Report)

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.

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