Simon Property Group, Inc. (NYSE:SPG – Get Rating) announced a quarterly dividend on Monday, May 9th, RTT News reports. Investors of record on Thursday, June 9th will be given a dividend of 1.70 per share by the real estate investment trust on Thursday, June 30th. This represents a $6.80 annualized dividend and a dividend yield of 5.75%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.65.
Simon Property Group has decreased its dividend payment by an average of 9.5% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Simon Property Group has a dividend payout ratio of 103.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Simon Property Group to earn $12.25 per share next year, which means the company should continue to be able to cover its $6.60 annual dividend with an expected future payout ratio of 53.9%.
Shares of NYSE SPG traded down $3.23 during mid-day trading on Monday, hitting $118.19. 2,782,880 shares of the stock traded hands, compared to its average volume of 2,143,705. The company has a debt-to-equity ratio of 6.64, a current ratio of 1.01 and a quick ratio of 1.01. Simon Property Group has a twelve month low of $113.41 and a twelve month high of $171.12. The company has a market cap of $38.84 billion, a PE ratio of 17.75, a price-to-earnings-growth ratio of 2.34 and a beta of 1.46. The firm has a 50 day simple moving average of $129.19 and a two-hundred day simple moving average of $144.94.
Several brokerages have commented on SPG. Wells Fargo & Company cut their target price on Simon Property Group from $152.00 to $140.00 and set an “equal weight” rating on the stock in a report on Thursday, April 7th. Morgan Stanley cut their target price on Simon Property Group from $180.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, March 7th. Mizuho cut their target price on Simon Property Group from $162.00 to $158.00 and set a “neutral” rating on the stock in a report on Tuesday, February 8th. Deutsche Bank Aktiengesellschaft cut their target price on Simon Property Group from $190.00 to $173.00 and set a “buy” rating on the stock in a report on Thursday, March 31st. Finally, StockNews.com began coverage on Simon Property Group in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group presently has a consensus rating of “Buy” and a consensus target price of $162.25.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPG. EverSource Wealth Advisors LLC purchased a new stake in Simon Property Group during the fourth quarter valued at about $30,000. Covington Capital Management boosted its holdings in shares of Simon Property Group by 71.5% during the fourth quarter. Covington Capital Management now owns 763 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 318 shares during the period. Cypress Capital Group purchased a new stake in shares of Simon Property Group during the fourth quarter worth about $205,000. Autumn Glory Partners LLC purchased a new stake in shares of Simon Property Group during the fourth quarter worth about $220,000. Finally, HB Wealth Management LLC bought a new position in Simon Property Group in the fourth quarter worth about $255,000. 91.62% of the stock is currently owned by institutional investors and hedge funds.
Simon Property Group Company Profile (Get Rating)
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.
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