Simon Property Group Sees Unusually High Options Volume (NYSE:SPG)

Posted by Defense World Staff on Sep 7th, 2023

Simon Property Group, Inc. (NYSE:SPG – Get Free Report) was the target of some unusual options trading activity on Wednesday. Stock investors acquired 24,779 call options on the company. This is an increase of approximately 624% compared to the typical volume of 3,424 call options.

Hedge Funds Weigh In On Simon Property Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Portside Wealth Group LLC bought a new position in shares of Simon Property Group during the second quarter worth $495,000. CTC Alternative Strategies Ltd. bought a new stake in Simon Property Group in the 2nd quarter valued at $241,000. Virginia Retirement Systems ET AL bought a new stake in Simon Property Group in the 2nd quarter valued at $27,769,000. VisionPoint Advisory Group LLC bought a new stake in Simon Property Group in the 2nd quarter valued at $53,000. Finally, Osaic Holdings Inc. lifted its position in Simon Property Group by 1.9% in the 2nd quarter. Osaic Holdings Inc. now owns 128,054 shares of the real estate investment trust’s stock valued at $14,809,000 after acquiring an additional 2,390 shares in the last quarter. 84.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on SPG shares. StockNews.com started coverage on shares of Simon Property Group in a report on Thursday, August 17th. They issued a “hold” rating for the company. Stifel Nicolaus lifted their target price on shares of Simon Property Group from $130.00 to $139.00 in a report on Wednesday, July 12th. Wolfe Research raised shares of Simon Property Group from a “peer perform” rating to an “outperform” rating and set a $127.00 target price for the company in a report on Wednesday, July 5th. Mizuho lowered their target price on shares of Simon Property Group from $116.00 to $106.00 in a report on Friday, May 26th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Simon Property Group from $125.00 to $124.00 and set a “neutral” rating for the company in a report on Tuesday, August 29th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $128.36.

Check Out Our Latest Research Report on SPG

Simon Property Group Trading Up 0.7 %

Shares of NYSE SPG opened at $115.75 on Thursday. The company’s fifty day moving average is $118.42 and its 200-day moving average is $113.24. The stock has a market cap of $37.87 billion, a price-to-earnings ratio of 17.59, a P/E/G ratio of 4.73 and a beta of 1.54. Simon Property Group has a twelve month low of $86.02 and a twelve month high of $133.08. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 7.67.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.57%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.85. The ex-dividend date is Thursday, September 7th. Simon Property Group’s dividend payout ratio (DPR) is currently 112.46%.

Simon Property Group Company Profile

(Get Free Report)

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.