Simon Property Group Inc. (NYSE:SPG) close to 52-week high, short interest increasing

Simon Property Group Inc. (NYSE:SPG) (TREND ANALYSIS) shares were traded with a significant increase in volume. The stock closed last trading session at $201.46, down by -1.43%, with a volume of 2,021,756 shares against an average volume for the last 3 months of 1,306,960.

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Simon Property Group Inc. (NYSE:SPG) stock is currently trading 3.21% below its 52-week-high, 17.82% above its 52-week-low. The 1-year stock price history is in the range of $170.99 – $208.14. Simon Property Group Inc. (SPG) has a price to earnings ratio of 37.73 versus Financial sector average of 16.18. SPG stock price has outperformed the S&P 500 by 10.6%. The Retail REIT company is currently valued at $62.34 billion and its share price closed the last trading session at $201.46. The stock has a 50-day moving average of $192.07 and a 200-day moving average of $185.13.

Simon Property Group Inc. (SPG) current short interest stands at 5.01 million shares. It has increased by 10% from the same period of last month. Around 2% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1.29 million shares, the number of days required to cover the short positions stand at 3.9 days.

SPG reported last quarter earnings on October 27. The Retail REIT company announced earnings per share of $2.54 against a consensus Street estimate of $2.46, beating the average estimate by $0.08. This corresponds to an increase of $0.32 compared to the same quarter of the previous fiscal year.

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There are currently twenty-four analysts that cover Simon Property Group Inc. stock. Of those twenty-four, twenty-one have a Buy rating, three have a Hold rating. On a consensus basis this yields to a Buy rating. The consensus target price stands at $224.1.

A recent analyst activity consisted of Stifel Nicolaus reiterating their Buy stance on October 28. Stifel Nicolaus increased their price target on SPG from $210 to $220. This corresponds to a 9.2% upside from the last closing price. On the date of report, the stock closed at $205.71.

Jefferies reiterated their Buy stance on October 23, and decreased their price target from $235 to $233. This corresponds to a 15.66% upside from the last closing price. On the date of report, the stock closed at $203.04.

Another research firm was Barclays who reiterated their Overweight stance on October 20. Barclays increased their price target on Simon Property Group Inc. from $216 to $233. This translates to a 15.66% upside from the last closing price. On the date of report, the stock closed at $202.14.

Company profile

Simon Property Group, Inc. is an independent equity real estate investment trust. It engages in investment, ownership, and management of properties. The firm invests in the real estate markets across the globe. It primarily invests in regional malls, Premium Outlets, The Mills, community/lifestyle centers and international properties to create its portfolio. Simon Property Group, Inc. was founded in 1960 and is domiciled in Indianapolis, Indiana.

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