Price Action Alert: Is Simon Property Group Inc a Sell? The Stock Reaches 1 Year Low Today

Price Action Alert: Is Simon Property Group Inc a Sell? The Stock Reaches 1 Year Low Today

The stock of Simon Property Group Inc (NYSE:SPG) hit a new 52-week low and has $169.26 target or 6.00% below today’s $180.06 share price. The 6 months bearish chart indicates high risk for the $56.99 billion company. The 1-year low was reported on Nov, 9 by Barchart.com. If the $169.26 price target is reached, the company will be worth $3.42 billion less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 809,799 shares traded hands. Simon Property Group Inc (NYSE:SPG) has declined 11.38% since April 7, 2016 and is downtrending. It has underperformed by 16.17% the S&P500.

Simon Property Group Inc (NYSE:SPG) Ratings Coverage

Out of 11 analysts covering Simon Property Group (NYSE:SPG), 10 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 91% are positive. Simon Property Group has been the topic of 29 analyst reports since July 21, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained Simon Property Group Inc (NYSE:SPG) on Tuesday, February 2 with “Outperform” rating. The rating was maintained by RBC Capital Markets on Tuesday, November 1 with “Sector Perform”. Evercore maintained the shares of SPG in a report on Tuesday, September 8 with “Buy” rating. The stock has “Buy” rating given by Evercore on Monday, March 7. The rating was initiated by BTIG Research with “Buy” on Thursday, August 25. The stock of Simon Property Group Inc (NYSE:SPG) earned “Buy” rating by Citigroup on Friday, April 1. The firm has “Buy” rating by Stifel Nicolaus given on Wednesday, October 28. Stifel Nicolaus maintained it with “Buy” rating and $232 target price in Monday, March 21 report. Zacks downgraded the shares of SPG in a report on Monday, August 17 to “Buy” rating. The firm earned “Overweight” rating on Tuesday, July 19 by Barclays Capital.

According to Zacks Investment Research, “Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust which, through its subsidiary partnerships, is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties, primarily regional malls and community shopping centers. (Company Press Release)”

Insitutional Activity: The institutional sentiment increased to 1.28 in Q2 2016. Its up 0.16, from 1.12 in 2016Q1. The ratio improved, as 41 funds sold all Simon Property Group Inc shares owned while 189 reduced positions. 58 funds bought stakes while 236 increased positions. They now own 304.68 million shares or 5.25% less from 321.56 million shares in 2016Q1.
Swiss Savings Bank, a Switzerland-based fund reported 1.10M shares. Hightower Advsr Limited Liability Com holds 0.03% of its portfolio in Simon Property Group Inc (NYSE:SPG) for 10,268 shares. Zurcher Kantonalbank (Zurich Cantonalbank) accumulated 97,263 shares or 0.27% of the stock. The New York-based Tiaa Cref Inv Mngmt Ltd Liability Corporation has invested 0.29% in Simon Property Group Inc (NYSE:SPG). The Massachusetts-based Panagora Asset Mngmt Inc has invested 0.66% in Simon Property Group Inc (NYSE:SPG). Private Tru Na holds 1,632 shares or 0.09% of its portfolio. Bragg Financial Advisors Incorporated owns 1,413 shares or 0.06% of their US portfolio. Grassi Invest Mngmt holds 0.16% of its portfolio in Simon Property Group Inc (NYSE:SPG) for 3,995 shares. First Citizens Bank Tru accumulated 3,297 shares or 0.06% of the stock. Pennsylvania Tru accumulated 0.14% or 7,674 shares. Boston Private Wealth Lc holds 0.01% of its portfolio in Simon Property Group Inc (NYSE:SPG) for 1,103 shares. Burke & Herbert Fincl Bank & Com last reported 0.18% of its portfolio in the stock. South Texas Money Mngmt Ltd has 2,859 shares for 0.03% of their US portfolio. Legal General Grp Inc Public Limited Company accumulated 0.46% or 1.99M shares. Bessemer Grp Inc Inc accumulated 0% or 437 shares.

Insider Transactions: Since August 29, 2016, the stock had 0 insider purchases, and 2 sales for $1.71 million net activity. 7,000 Simon Property Group Inc (NYSE:SPG) shares with value of $1.51M were sold by JUSTER ANDREW. Broadwater Steven K. sold 945 shares worth $203,562.

More notable recent Simon Property Group Inc (NYSE:SPG) news were published by: Wsj.com which released: “Simon Property Group Raises Profit Outlook on Improved Occupancy, Rents” on October 26, 2016, also Bizjournals.com with their article: “Aeropostale adds another 104 stores to ‘remaining open’ list; one in Triangle …” published on November 08, 2016, Prnewswire.com published: “Simon Property Group Reports Third Quarter 2016 Results And Raises Full Year …” on October 26, 2016. More interesting news about Simon Property Group Inc (NYSE:SPG) were released by: Ibj.com and their article: “Simon Property Group names new top lawyer” published on October 29, 2016 as well as Prnewswire.com‘s news article titled: “Simon Property Group Announces Industry Veteran James M. Barkley To Be …” with publication date: October 17, 2016.

SPG Company Profile

Simon Property Group, Inc., incorporated on March 10, 1998, is a self-administered and self-managed real estate investment trust (REIT). The Firm owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets. The Firm owns an interest in approximately 210 income-producing properties in the United States, which consists of approximately 110 malls, 70 Premium Outlets, 15 Mills and 12 other retail properties in over 40 states and Puerto Rico. The Firm also owns The Mills at Jersey Gardens in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas.

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