Simon Property Group, Inc. (NYSE:SPG) Sees Significant Growth in Short Interest

Simon Property Group, Inc. (NYSE:SPG) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 5,200,000 shares, a growth of 23.8% from the February 28th total of 4,200,000 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily volume of 1,530,000 shares, the days-to-cover ratio is currently 3.4 days.

Hedge Funds Weigh In On Simon Property Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPG. MassMutual Private Wealth & Trust FSB increased its stake in shares of Simon Property Group by 13.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,356 shares of the real estate investment trust’s stock worth $225,000 after purchasing an additional 165 shares in the last quarter. Chancellor Financial Group WB LP purchased a new position in Simon Property Group during the fourth quarter worth $213,000. 111 Capital acquired a new position in shares of Simon Property Group in the fourth quarter worth $284,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Simon Property Group by 36.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,660 shares of the real estate investment trust’s stock valued at $4,074,000 after acquiring an additional 6,293 shares in the last quarter. Finally, Castle Rock Wealth Management LLC boosted its stake in shares of Simon Property Group by 2.6% during the fourth quarter. Castle Rock Wealth Management LLC now owns 8,880 shares of the real estate investment trust’s stock valued at $1,643,000 after acquiring an additional 223 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SPG. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $179.00 to $198.00 in a report on Thursday, January 2nd. Mizuho lifted their target price on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Scotiabank set a $186.00 price target on shares of Simon Property Group in a research note on Friday, February 28th. Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $180.33.

Simon Property Group Price Performance

SPG stock opened at $170.58 on Thursday. The firm has a 50 day moving average of $175.03 and a 200-day moving average of $174.53. The company has a market cap of $55.66 billion, a price-to-earnings ratio of 23.50, a PEG ratio of 10.10 and a beta of 1.45. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. Simon Property Group has a 12-month low of $139.25 and a 12-month high of $190.14.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. As a group, equities analysts expect that Simon Property Group will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were paid a $2.10 dividend. The ex-dividend date was Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a yield of 4.92%. Simon Property Group’s payout ratio is 115.70%.

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.