Simon Property Group (NYSE:SPG) Stock Passes Above 200-Day Moving Average - Here's Why

Simon Property Group, Inc. (NYSE:SPG - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $165.47 and traded as high as $171.52. Simon Property Group shares last traded at $170.87, with a volume of 852,014 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SPG shares. Evercore ISI upgraded shares of Simon Property Group from an "in-line" rating to an "outperform" rating and raised their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Mizuho lifted their price objective on Simon Property Group from $158.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, December 4th. Stifel Nicolaus reiterated a "hold" rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler reissued a "neutral" rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Simon Property Group in a research note on Tuesday, December 17th. They set a "hold" rating and a $195.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, Simon Property Group has a consensus rating of "Hold" and an average price target of $169.22.

Simon Property Group Price Performance

The stock has a market cap of $56.19 billion, a PE ratio of 22.93, a price-to-earnings-growth ratio of 10.50 and a beta of 1.75. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The company's fifty day moving average is $176.99 and its 200 day moving average is $165.63.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the company earned $3.20 EPS. Simon Property Group's revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.76 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Monday, December 9th were given a $2.10 dividend. This is an increase from Simon Property Group's previous quarterly dividend of $2.05. The ex-dividend date was Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.88%. Simon Property Group's dividend payout ratio is presently 111.85%.

Institutional Trading of Simon Property Group

Large investors have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Simon Property Group in the third quarter valued at $834,000. Red Cedar Investment Management LLC boosted its position in Simon Property Group by 153.2% in the 3rd quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust's stock valued at $2,973,000 after buying an additional 10,644 shares during the last quarter. TTP Investments Inc. grew its stake in shares of Simon Property Group by 42.0% during the third quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust's stock valued at $5,796,000 after acquiring an additional 10,147 shares in the last quarter. Forte Capital LLC ADV purchased a new stake in shares of Simon Property Group during the third quarter worth about $630,000. Finally, Radnor Capital Management LLC acquired a new position in shares of Simon Property Group in the third quarter worth about $1,602,000. Institutional investors and hedge funds own 93.01% of the company's stock.

About Simon Property Group

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.