Simon Property Group (NYSE:SPG) Announces Earnings Results

Simon Property Group (NYSE:SPG) released its earnings results on Monday. The real estate investment trust reported $3.22 earnings per share for the quarter, beating the consensus estimate of $3.10 by $0.12, Zacks reports. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.

Simon Property Group Stock Performance

Shares of NYSE SPG traded up $1.07 during mid-day trading on Monday, hitting $176.83. The company had a trading volume of 1,963,966 shares, compared to its average volume of 1,628,359. Simon Property Group has a 12 month low of $136.34 and a 12 month high of $190.13. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market cap of $57.73 billion, a P/E ratio of 27.33, a PEG ratio of 12.73 and a beta of 1.50. The business’s 50-day simple moving average is $180.19 and its 200-day simple moving average is $168.67.

Insider Activity at Simon Property Group

In other news, Director Glyn Aeppel acquired 208 shares of the stock in a transaction dated Tuesday, September 30th. The shares were acquired at an average cost of $185.95 per share, for a total transaction of $38,677.60. Following the completion of the transaction, the director owned 19,265 shares in the company, valued at approximately $3,582,326.75. This trade represents a 1.09% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Stefan M. Selig bought 195 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The stock was purchased at an average price of $185.95 per share, with a total value of $36,260.25. Following the completion of the purchase, the director directly owned 32,076 shares of the company’s stock, valued at $5,964,532.20. This represents a 0.61% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 2,163 shares of company stock worth $401,605 in the last three months. Company insiders own 8.66% of the company’s stock.

Institutional Trading of Simon Property Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bamco Inc. NY lifted its stake in Simon Property Group by 307.4% during the second quarter. Bamco Inc. NY now owns 240,938 shares of the real estate investment trust’s stock worth $38,733,000 after purchasing an additional 181,804 shares during the period. AQR Capital Management LLC lifted its position in shares of Simon Property Group by 66.2% during the 2nd quarter. AQR Capital Management LLC now owns 351,986 shares of the real estate investment trust’s stock worth $56,194,000 after buying an additional 140,176 shares during the period. Hudson Bay Capital Management LP bought a new position in shares of Simon Property Group during the 2nd quarter worth approximately $16,147,000. CANADA LIFE ASSURANCE Co boosted its stake in Simon Property Group by 11.0% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 969,164 shares of the real estate investment trust’s stock valued at $155,903,000 after buying an additional 95,965 shares in the last quarter. Finally, Corient Private Wealth LLC grew its position in Simon Property Group by 85.8% in the second quarter. Corient Private Wealth LLC now owns 141,171 shares of the real estate investment trust’s stock valued at $22,703,000 after acquiring an additional 65,190 shares during the period. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SPG. Morgan Stanley boosted their price objective on shares of Simon Property Group from $170.00 to $180.00 and gave the company an “equal weight” rating in a research report on Thursday, September 11th. Barclays boosted their price target on shares of Simon Property Group from $170.00 to $180.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. LADENBURG THALM/SH SH assumed coverage on Simon Property Group in a report on Friday, July 18th. They set a “buy” rating and a $225.00 price objective for the company. Scotiabank boosted their target price on Simon Property Group from $163.00 to $173.00 and gave the company a “sector perform” rating in a research note on Thursday, August 28th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Simon Property Group in a report on Tuesday, October 14th. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $187.31.

Simon Property Group Company Profile

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.