Traders Buy Shares of Simon Property Group (SPG) on Weakness

Traders purchased shares of Simon Property Group Inc (NYSE:SPG) on weakness during trading hours on Thursday. $183.37 million flowed into the stock on the tick-up and $132.33 million flowed out of the stock on the tick-down, for a money net flow of $51.04 million into the stock. Of all equities tracked, Simon Property Group had the 32nd highest net in-flow for the day. Simon Property Group traded down ($2.22) for the day and closed at $170.40

Several equities analysts have weighed in on the company. Citigroup raised their price target on Simon Property Group from $187.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Jefferies Financial Group reissued a “$170.72” rating and set a $194.00 price target on shares of Simon Property Group in a research report on Wednesday, July 18th. Bank of America lifted their price objective on Simon Property Group from $193.00 to $203.00 and gave the company a “buy” rating in a research report on Monday, September 10th. JPMorgan Chase & Co. raised Simon Property Group from a “neutral” rating to an “overweight” rating in a research report on Friday, October 5th. Finally, Zacks Investment Research raised Simon Property Group from a “hold” rating to a “buy” rating and set a $197.00 price objective for the company in a research report on Thursday, October 4th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $192.31.

The stock has a market cap of $56.62 billion, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 2.43 and a beta of 0.53. The company has a debt-to-equity ratio of 6.13, a current ratio of 1.13 and a quick ratio of 1.13.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, July 30th. The real estate investment trust reported $1.77 EPS for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.13. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 55.59% and a net margin of 40.11%. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.23 earnings per share. Analysts predict that Simon Property Group Inc will post 12.12 earnings per share for the current fiscal year.

In related news, insider John Rulli sold 1,330 shares of Simon Property Group stock in a transaction on Monday, August 6th. The stock was sold at an average price of $177.05, for a total value of $235,476.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 8.64% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Kaizen Advisory LLC boosted its holdings in Simon Property Group by 138.1% in the second quarter. Kaizen Advisory LLC now owns 712 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 413 shares during the last quarter. Peapack Gladstone Financial Corp acquired a new position in Simon Property Group in the second quarter valued at $203,000. Cumberland Partners Ltd acquired a new position in shares of Simon Property Group during the second quarter worth about $204,000. Murphy Capital Management Inc. acquired a new position in shares of Simon Property Group during the second quarter worth about $205,000. Finally, Pitcairn Co. acquired a new position in shares of Simon Property Group during the second quarter worth about $213,000. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Simon Property Group Company Profile (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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