Simon Property Group (NYSE:SPG) Posts Quarterly Earnings Results, Beats Estimates By $5.89 EPS

by · The Markets Daily

Simon Property Group (NYSE:SPGGet Free Report) posted its earnings results on Monday. The real estate investment trust reported $9.35 earnings per share for the quarter, topping the consensus estimate of $3.46 by $5.89, FiscalAI reports. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.50 billion. Simon Property Group had a return on equity of 79.30% and a net margin of 38.18%.

Simon Property Group Price Performance

Shares of NYSE SPG traded down $0.12 during midday trading on Monday, reaching $191.19. The company’s stock had a trading volume of 2,130,940 shares, compared to its average volume of 1,581,147. The company has a debt-to-equity ratio of 9.59, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market cap of $62.42 billion, a P/E ratio of 27.83, a P/E/G ratio of 7.10 and a beta of 1.37. The business’s 50 day moving average price is $184.80 and its two-hundred day moving average price is $179.66. Simon Property Group has a fifty-two week low of $136.34 and a fifty-two week high of $193.50.

Insider Buying and Selling at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 480 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was acquired at an average price of $186.00 per share, with a total value of $89,280.00. Following the purchase, the director directly owned 53,639 shares in the company, valued at approximately $9,976,854. This trade represents a 0.90% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Glyn Aeppel acquired 216 shares of the business’s stock in a transaction that occurred on Wednesday, December 31st. The shares were purchased at an average cost of $186.00 per share, for a total transaction of $40,176.00. Following the acquisition, the director owned 19,481 shares in the company, valued at $3,623,466. This represents a 1.12% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 2,192 shares of company stock valued at $407,712 over the last three months. 8.66% of the stock is owned by insiders.

Institutional Trading of Simon Property Group

A number of hedge funds have recently made changes to their positions in the company. Keel Point LLC grew its stake in Simon Property Group by 7.5% during the second quarter. Keel Point LLC now owns 1,773 shares of the real estate investment trust’s stock worth $285,000 after purchasing an additional 124 shares during the period. Equitable Holdings Inc. lifted its position in shares of Simon Property Group by 0.8% during the 3rd quarter. Equitable Holdings Inc. now owns 16,918 shares of the real estate investment trust’s stock valued at $3,175,000 after acquiring an additional 136 shares during the period. Stance Capital LLC acquired a new position in shares of Simon Property Group during the 3rd quarter valued at $26,000. Brooklyn Investment Group grew its holdings in Simon Property Group by 4.9% in the third quarter. Brooklyn Investment Group now owns 3,214 shares of the real estate investment trust’s stock worth $603,000 after purchasing an additional 150 shares during the period. Finally, NorthRock Partners LLC increased its stake in Simon Property Group by 3.2% in the third quarter. NorthRock Partners LLC now owns 4,845 shares of the real estate investment trust’s stock valued at $909,000 after purchasing an additional 151 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPG has been the subject of a number of research reports. Evercore ISI increased their target price on Simon Property Group from $187.00 to $188.00 and gave the stock an “in-line” rating in a research note on Friday, October 17th. Deutsche Bank Aktiengesellschaft raised Simon Property Group from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a research note on Tuesday, January 20th. Scotiabank upped their price objective on Simon Property Group from $186.00 to $189.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 14th. Morgan Stanley set a $205.00 target price on Simon Property Group in a research note on Friday, January 16th. Finally, Piper Sandler boosted their price objective on shares of Simon Property Group from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Six research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $194.64.

Get Our Latest Analysis on Simon Property Group

Simon Property Group Company Profile

(Get Free Report)

Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.

Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.

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