Simon Property Group (NYSE:SPG) Hits New 1-Year High at $161.79

Simon Property Group, Inc. (NYSE:SPG)’s stock price hit a new 52-week high on Thursday . The company traded as high as $161.79 and last traded at $161.58, with a volume of 16076 shares. The stock had previously closed at $161.14.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SPG. Scotiabank upped their price target on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Mizuho boosted their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Evercore ISI increased their price target on Simon Property Group from $150.00 to $155.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Argus lifted their price target on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Finally, Stifel Nicolaus upped their price objective on shares of Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $153.95.

Simon Property Group Stock Up 2.6 %

The business has a fifty day moving average price of $152.28 and a two-hundred day moving average price of $149.72. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The company has a market cap of $54.29 billion, a price-to-earnings ratio of 21.21, a P/E/G ratio of 8.58 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.88 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $2.05 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.92%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is 101.91%.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average price of $150.17 per share, with a total value of $72,982.62. Following the purchase, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Several hedge funds have recently bought and sold shares of the business. Clearstead Trust LLC bought a new stake in shares of Simon Property Group during the 1st quarter worth about $25,000. EntryPoint Capital LLC bought a new stake in Simon Property Group during the first quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group during the second quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new position in Simon Property Group during the second quarter valued at approximately $27,000. Finally, Pathway Financial Advisers LLC bought a new position in shares of Simon Property Group in the first quarter valued at approximately $29,000. 93.01% of the stock is owned by institutional investors and hedge funds.

About Simon Property Group

Simon is a real estate investment trust engaged 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.