Why Simon Property's Stock Is Trading Higher Today

Tanzeel Akhtar

Wed, Jul 1, 2020, 11:44 AM1 min read

In this article:

Simon Property Group (NYSE: SPG) shares are trading higher on Wednesday after Goldman Sachs reinstated its Buy rating on the stock and announced a price target of $94 per share.

Simon Property Group is the second-largest real estate investment trust in the United States. Its portfolio includes an interest in 207 properties: 106 traditional malls, 69 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center and big-box retailers), four lifestyle centers and 14 other retail properties.

Simon's portfolio averaged $693 in sales per square foot over the past 12 months. The company also owns a 21% interest in Klepierre, a European retail company with investments in shopping centers in 16 countries, and joint venture interests in 29 premium outlets across 11 countries.

Simon Property shares were trading up 2.25% at $69.92 at the time of publication on Wednesday. The stock has a 52-week high of $165.48 and a 52-week low of $42.25.

Latest Ratings for SPG

Jul 2020	Goldman Sachs	Reinstates	Buy
Jun 2020	Stifel	Maintains	Hold
Jun 2020	JP Morgan	Maintains	Neutral

View More Analyst Ratings for SPG
View the Latest Analyst Ratings

See more from Benzinga

‘Americans just work harder’ than Europeans, says CEO of Norway’s $1.6 trillion oil fund, because they have a higher ‘general level of ambition’
"We are not very ambitious. I should be careful about talking about work-life balance, but the Americans just work harder.”
Fortune•1d ago
Warren Buffett Says 'When It Rains Gold, Put Out The Bucket' And This High Yield Investment Is Making It Rain
In his 2016 letter to Berkshire Hathaway shareholders, legendary investor Warren Buffett wrote, “Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we ...
Benzinga•19h ago
Fed's favorite inflation gauge shows price increases remained sticky in March
The March reading comes as investors have continued to scale back their expectations on when the Federal Reserve will cut interest rates in 2024, if at all.
Yahoo Finance•28m ago
If I Had to Construct a Portfolio of Just 5 ETFs, Here's Exactly What I'd Buy Right Now
It's possible to construct a winning long-term investment strategy with just low-cost index funds.
Motley Fool•4h ago
The US economy may be barrelling towards stagflation, an outcome worse than recession
As US growth shows signs of sputtering and inflation keeps rising, a re-run of the tumultuous 1970s is looking more likely.
Business Insider•10h ago
1 Unstoppable Stock That Could Join Microsoft, Apple, Nvidia, Alphabet, Amazon, and Meta in the $1 Trillion Club
The combination of artificial intelligence (AI) and cybersecurity is a match made in heaven.
Motley Fool•5h ago
Rooting for Trump to fail has made his stock shorters millions
Rooting for Donald Trump to fail has rarely been this profitable. Just ask a hardy band of mostly amateur Wall Street investors who have collectively made tens of millions of dollars over the past month by betting that the stock price of his social media business — Truth Social — will keep dropping despite massive buying by Trump loyalists and wild swings that often mirror the candidate’s latest polls, court trials and outbursts on Trump Social itself.
Associated Press Finance•9h ago
AbbVie lifts profit forecast after Skyrizi sales beat expectations
(Reuters) -AbbVie raised its annual profit forecast on Friday after strong sales of its immunology drug Skyrizi and cancer drug Imbruvica helped the company beat Wall Street estimates for the first quarter. Shares of AbbVie rose nearly 2.5% in premarket trading. The company now expects adjusted profit of between $11.13 and $11.33 per share for this year, compared with $10.97 to $11.17 estimated earlier.
Reuters•1h ago
Investors brace for 5% Treasury yields as US inflation worries mount
As U.S. inflation worries grow, some investors are preparing for the 10-year U.S. Treasury yield to breach a 16-year high of 5% hit last October. Bond yields, which move inversely to prices, have climbed in recent weeks as signs of persistent inflation erode expectations for how deeply the Federal Reserve will be able to cut interest rates without further fueling consumer prices. Many investors are betting further weakness lies ahead for bonds.
Reuters•8h ago
1 Unstoppable Artificial Intelligence (AI) Stock to Buy and Hold Forever
This company should continue to make millionaires, just as it has over the past two decades.
Motley Fool•2h ago

News

Life

Entertainment

Finance

Sports

New on Yahoo

Yahoo Finance

Why Simon Property's Stock Is Trading Higher Today

Recommended Stories

‘Americans just work harder’ than Europeans, says CEO of Norway’s $1.6 trillion oil fund, because they have a higher ‘general level of ambition’

Warren Buffett Says 'When It Rains Gold, Put Out The Bucket' And This High Yield Investment Is Making It Rain

Fed's favorite inflation gauge shows price increases remained sticky in March

If I Had to Construct a Portfolio of Just 5 ETFs, Here's Exactly What I'd Buy Right Now

The US economy may be barrelling towards stagflation, an outcome worse than recession

1 Unstoppable Stock That Could Join Microsoft, Apple, Nvidia, Alphabet, Amazon, and Meta in the $1 Trillion Club

Rooting for Trump to fail has made his stock shorters millions

AbbVie lifts profit forecast after Skyrizi sales beat expectations

Investors brace for 5% Treasury yields as US inflation worries mount

1 Unstoppable Artificial Intelligence (AI) Stock to Buy and Hold Forever