Simon Property Group (NYSE:SPG) Reaches New 12-Month High – Should You Buy?

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SPG shares. Mizuho boosted their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Truist Financial upped 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. Finally, 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 research report on Monday, August 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Trading Down 0.7 %

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 market capitalization of $58.69 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 10.44 and a beta of 1.74. The business’s 50 day simple moving average is $169.61 and its 200 day simple moving average is $157.93.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.20 EPS. Research analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS 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. Investors of record on Monday, December 9th will be issued a dividend of $2.10 per share. The ex-dividend date is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.67%. This is an increase 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

In related news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired 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 directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Simon Property Group

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Simon Property Group by 1.5% during the first quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares during the period. Smead Capital Management Inc. lifted its position in Simon Property Group by 3.5% during the third quarter. Smead Capital Management Inc. now owns 2,620,355 shares of the real estate investment trust’s stock worth $442,892,000 after buying an additional 88,378 shares during the period. Boston Partners lifted its position in Simon Property Group by 4.2% during the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock worth $363,165,000 after buying an additional 92,648 shares during the period. Centersquare Investment Management LLC lifted its position in Simon Property Group by 4.5% during the first quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock worth $283,905,000 after buying an additional 78,866 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Simon Property Group by 1.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,487,897 shares of the real estate investment trust’s stock worth $251,484,000 after purchasing an additional 25,519 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

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.