Simon Property Group (NYSE:SPG) Reaches New 52-Week Low at $92.95

Financial News Live · Sep 23, 2022 04:21

Simon Property Group, Inc. (NYSE:SPG – Get Rating)'s stock price reached a new 52-week low on Thursday . The company traded as low as $92.95 and last traded at $93.29, with a volume of 28353 shares. The stock had previously closed at $95.65.

Analyst Ratings Changes

Several analysts recently commented on the stock. Mizuho dropped their price target on shares of Simon Property Group from $158.00 to $115.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 3rd. Jefferies Financial Group cut shares of Simon Property Group from a "buy" rating to a "hold" rating and dropped their price objective for the company from $160.00 to $100.00 in a report on Thursday, June 30th. Piper Sandler decreased their price target on shares of Simon Property Group to $130.00 in a research note on Monday, July 4th. Truist Financial reduced their price objective on shares of Simon Property Group from $130.00 to $125.00 and set a "hold" rating for the company in a research report on Monday, August 15th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Simon Property Group from $173.00 to $129.00 in a research note on Monday, July 18th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $142.29.

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Simon Property Group Trading Down 3.2 %

The business has a 50-day moving average price of $104.82 and a 200-day moving average price of $112.36. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 7.13. The firm has a market capitalization of $31.74 billion, a P/E ratio of 14.92, a PEG ratio of 1.86 and a beta of 1.49.

Simon Property Group (NYSE:SPG – Get Rating) last announced its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Simon Property Group had a return on equity of 56.93% and a net margin of 40.59%. Simon Property Group's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.92 EPS. Analysts anticipate that Simon Property Group, Inc. will post 11.66 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 7.56%. The ex-dividend date of this dividend is Thursday, September 8th. This is an increase from Simon Property Group's previous quarterly dividend of $1.70. Simon Property Group's dividend payout ratio is currently 109.20%.

Institutional Investors Weigh In On Simon Property Group

Large investors have recently modified their holdings of the business. Federated Hermes Inc. boosted its position in Simon Property Group by 61.2% during the second quarter. Federated Hermes Inc. now owns 64,332 shares of the real estate investment trust's stock valued at $6,106,000 after purchasing an additional 24,435 shares during the last quarter. Private Trust Co. NA bought a new position in shares of Simon Property Group during the second quarter worth approximately $52,000. Royal London Asset Management Ltd. increased its stake in shares of Simon Property Group by 3.2% during the second quarter. Royal London Asset Management Ltd. now owns 122,445 shares of the real estate investment trust's stock worth $11,623,000 after purchasing an additional 3,832 shares during the period. Verition Fund Management LLC increased its stake in Simon Property Group by 7.3% during the 2nd quarter. Verition Fund Management LLC now owns 17,320 shares of the real estate investment trust's stock worth $1,644,000 after acquiring an additional 1,178 shares during the period. Finally, Stock Yards Bank & Trust Co. increased its stake in Simon Property Group by 13.3% during the 2nd quarter. Stock Yards Bank & Trust Co. now owns 2,644 shares of the real estate investment trust's stock worth $250,000 after acquiring an additional 310 shares during the period. 81.86% of the stock is currently owned by institutional investors.

Simon Property Group Company Profile

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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.