Capital Research & Management Co. recently announced the acquisition of new stake in Simon Property Group Inc. (NYSE:SPG). The institutional investor has increased its shareholding in the Real Estate company by 30.57% to 25.74 million shares with purchase of 6.03 million shares. This fresh investment now brings its stake to 8.42% valued currently at $1.76 billion. In addition, Cohen & Steers Capital Management. raised its holdings by 8.06 million to 16.12 million shares. And APG Asset Management US, Inc. has lifted its position by 5.90% or 0.36 million shares – to 6.42 million shares.
With over 18.08 million Simon Property Group Inc. (SPG) shares trading Monday and a closing price of $65.47 on the day, the dollar volume was approximately $1.18 billion. The shares have shown a positive weekly performance of 7.28% and its price on 08/10/20 gained nearly 5.27%. Currently, there are 306.50M common shares owned by the public and among those 304.20M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for SPG have a consensus price objective of $80.86. The analysts have set the share’s price value over the next 12 months at a high of $120.00 and a low of $58.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Simon Property Group Inc. stock is 2.50 for the next 12 months. The average price target is 24.0% above its last price level and an upside to the estimated low will see the stock lose -12.88% over that period. But an upside of 45.44% will see the stock hit the forecast high price target while mean target price for the stock is $77.50.
Insiders at the company have transacted a total of 35 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 416,408 shares. Insider sales of the common stock occurred on 9 occasions, with total insider shares sold totaling 8,859 shares.
The top 3 mutual fund holders in Simon Property Group Inc. are Vanguard Real Estate Index Fund, Vanguard Total Stock Market Index, and Vanguard US Total Market Shares I. Vanguard Real Estate Index Fund owns 13.76 million shares of the company’s stock, all valued at over $940.95 million. The company bought an additional 0.11 million shares recently to bring their total holdings to about 4.50% of the shares outstanding. Vanguard Total Stock Market Index bought 0.29 million shares to see its total holdings expand to 8.71 million shares valued at over $595.83 million and representing 2.85% of the shares outstanding. Vanguard US Total Market Shares I bought 8.71 million shares to bring its total holdings to over 8.71 million shares at a value of $595.83 million. Vanguard US Total Market Shares I now owns shares totaling to 2.85% of the shares outstanding.
Shares of Simon Property Group Inc. (NYSE: SPG) opened at $65.22, up $3.03 from a prior closing price of $62.19. However, the script later closed the day at $65.47, up 5.27%. The company’s stock has a 5-day price change of 7.28% and 18.86% over the past three months. SPG shares are trading -56.05% year to date (YTD), with the 12-month market performance down to -57.75% lower. It has a 12-month low price of $42.25 and touched a high of $163.60 over the same period. Currently, 18.08 million shares have been traded, compared to an average intraday trading volume of 8.30 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.68%, -3.03%, and -35.47% respectively.
Institutional ownership of Simon Property Group Inc. (NYSE: SPG) shares accounts for 97.40% of the company’s 306.50M shares outstanding. Mutual fund holders own 42.01%, while other institutional holders and individual stakeholders account for 55.84% and 1.19% respectively.
It has a market capitalization of $19.70B and a beta (3y monthly) value of 1.33. The stock’s trailing 12-month PE ratio is 10.13, while the earnings-per-share (ttm) stands at $6.47. The company has a PEG of 1.18 and the debt-to-equity ratio at 12.88. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.42% over the week and 4.09% over the month.
Analysts forecast that Simon Property Group Inc. (SPG) will achieve an EPS of $SPDR S&P 500 for the current quarter, $335.56 for the next quarter and $ETF for Type. The lowest estimate earnings-per-share for the quarter is $Procter & Gamble Company (The) while analysts give the company a high EPS estimate of $Spirit Aerosystems Holdings, In. Comparatively, EPS for the current quarter was $Washington Prime Group Inc. a year ago. Earnings per share for the fiscal year are expected to decrease by -13.40%, and 7.74% over the next financial year. EPS should shrink at an annualized rate of 8.60% over the next five years, compared to 9.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Simon Property Group Inc. (SPG) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 9 of the 16 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SPG, a number of firms have released research notes about the stock. Goldman stated their Buy rating for the stock in a research note on July 01, 2020, with the firm’s price target at $94. Compass Point coverage for the Simon Property Group Inc. (SPG) stock in a research note released on June 04, 2020 offered a Buy rating with a price target of $120. Wells Fargo was of a view on May 07, 2020 that the stock is Equal Weight, while BofA/Merrill gave the stock Neutral rating on April 14, 2020, issuing a price target of. Deutsche Bank on their part issued Buy rating on March 18, 2020.