Simon Property Group (NYSE:SPG) Reaches New 1-Year High – Still a Buy?

Shares of Simon Property Group, Inc. (NYSE:SPG) reached a new 52-week high on Wednesday . The stock traded as high as $177.80 and last traded at $177.43, with a volume of 9501 shares traded. The stock had previously closed at $174.39.

Analyst Ratings Changes

Several equities analysts recently weighed in on SPG shares. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Truist Financial boosted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Stifel Nicolaus reissued a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Finally, Mizuho raised their price objective on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Simon Property Group has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Price Performance

The firm has a market cap of $58.37 billion, a price-to-earnings ratio of 23.84, a price-to-earnings-growth ratio of 9.89 and a beta of 1.74. The company has a current ratio of 2.00, a quick ratio of 2.04 and a debt-to-equity ratio of 8.20. The company’s 50-day moving average is $169.33 and its 200-day moving average is $157.46.

Simon Property Group (NYSE:SPG) last issued 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). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the business posted $3.20 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities research analysts predict that Simon Property Group, Inc. will post 12.81 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 4.69%. Simon Property Group’s payout ratio is 109.19%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the purchase, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 8.50% of the stock is owned by insiders.

Institutional Trading of Simon Property Group

A number of hedge funds have recently made changes to their positions in SPG. Advisors Asset Management Inc. boosted its position in Simon Property Group by 8.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 17,874 shares of the real estate investment trust’s stock worth $3,021,000 after buying an additional 1,387 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Simon Property Group by 126.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,279 shares of the real estate investment trust’s stock valued at $1,568,000 after acquiring an additional 5,177 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Simon Property Group by 51.4% during the third quarter. PNC Financial Services Group Inc. now owns 335,906 shares of the real estate investment trust’s stock worth $56,775,000 after purchasing an additional 114,088 shares during the period. Parnassus Investments LLC grew its stake in shares of Simon Property Group by 1.2% in the third quarter. Parnassus Investments LLC now owns 718,854 shares of the real estate investment trust’s stock worth $121,501,000 after purchasing an additional 8,619 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Simon Property Group in the third quarter valued at $1,590,000. 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.