|Bid||60.53 x 800|
|Ask||60.58 x 800|
|Day's Range||59.35 - 61.26|
|52 Week Range||42.25 - 158.40|
|Beta (5Y Monthly)||1.36|
|PE Ratio (TTM)||10.72|
|Earnings Date||Nov 09, 2020|
|Forward Dividend & Yield||5.20 (8.39%)|
|Ex-Dividend Date||Oct 08, 2020|
|1y Target Est||80.75|
The struggling retailer is one step closer to selling its retail business to the two biggest U.S. mall owners.
J.C. Penney (OTC: JCPN.Q) says it's continuing to make progress on its planned deal to sell itself to Simon Property Group (NYSE: SPG) and Brookfield Property Group (NASDAQ: BPY), and if the courts approve its sale, the retailer should exit bankruptcy before the holiday season. J.C. Penney was in deep financial trouble well before the coronavirus pandemic, but the temporary closure of nonessential businesses this spring -- which shuttered all of its brick-and-mortar locations -- pushed the retailer over the edge. J.C. Penney has a presence in 63 of Simon's shopping malls -- about half of them -- and it's in 99 of Brookfield's. Although the landlords could conceivably have subdivided those large spaces and rented them out to multiple occupants, retailers are finding the pandemic an inopportune time to expand their physical store footprints, so Simon and Brookfield might have been hard-pressed to find new tenants.
This year hasn't gone quite according to plan for retail REIT Simon Property Group (NYSE: SPG). The leading mall owner began 2020 by making a massive contrarian bet the retail apocalypse wouldn't crush the sector by sealing a deal to buy rival Taubman Centers (NYSE: TCO) back in February at a more than 50% premium. It also created a much hazier near-term outlook for the REIT.