Simon Property Group (NYSE:SPG) Sets New 1-Year High – Should You Buy?

Simon Property Group, Inc. (NYSE:SPG)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $182.84 and last traded at $181.48, with a volume of 49397 shares changing hands. The stock had previously closed at $181.34.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Piper Sandler reiterated a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Scotiabank raised their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Truist Financial boosted 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. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Stock Performance

The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The stock’s fifty day moving average is $169.89 and its two-hundred day moving average is $158.18. The firm has a market capitalization of $58.43 billion, a price-to-earnings ratio of 23.86, a P/E/G ratio of 10.40 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the firm earned $3.20 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a $2.10 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 annualized dividend and a yield of 4.69%. Simon Property Group’s dividend payout ratio is currently 111.85%.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Simon Property Group

A number of institutional investors have recently made changes to their positions in SPG. Clearstead Trust LLC bought a new position in shares of Simon Property Group during the first quarter worth approximately $25,000. EntryPoint Capital LLC acquired a new position in Simon Property Group in the 1st quarter valued at $26,000. Opal Wealth Advisors LLC bought a new position in Simon Property Group during the 2nd quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Simon Property Group during the second quarter worth $27,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of Simon Property Group in the third quarter valued at about $30,000. Institutional investors own 93.01% of the company’s stock.

About Simon Property Group

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.