SPG Stock Recent News
SPG LATEST HEADLINES
This article downgrades my rating on Simon Property Group stock from a buy to a hold due to recent developments. The bullish catalysts I saw in 2023 have largely run their course. The performance rebound has already occurred, with occupancy levels reaching my expected range.
Simon Property Group just hiked its dividend by 2.6% and currently offers a 5.4% dividend yield. The REIT owns high-quality retail assets and is operating with a strong balance sheet that has access to $11 billion in liquidity. Leasing momentum is strong, occupancy was up 90 basis points year-over-year, and rent per square foot is moving up.
Simon Property (SPG) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
The latest trading day saw Simon Property (SPG) settling at $150.36, representing a +0.14% change from its previous close.
Simon Property (SPG) is poised to benefit from its portfolio of premium assets, a focus on omnichannel retailing and strategic buyouts, though higher e-commerce adoption and high rates are worrisome.
Simon Property Group has reached a valuation of over 13.5x P/AFFO at $150/share or above. The company's growth estimates for the next few years suggest lower-than-average rates of return. I now believe that SPG should be considered a target for divesting if you want a conservative growth rate in excess of double digits on a forward basis.
Simon Property (SPG) reachead $155.81 at the closing of the latest trading day, reflecting a +0.26% change compared to its last close.
Simon Property Group offers upside for long-term dividend investors and is a compelling buy at current levels. SPG reported strong Q4 earnings, beating expectations and showing growth in domestic and international properties. The company rewarded shareholders with dividend increases and an announcement of a $2 billion buyback program, signaling strong financials and future growth.
Simon Property (SPG) reachead $150.77 at the closing of the latest trading day, reflecting a +0.94% change compared to its last close.
Simon Property (SPG) concluded the recent trading session at $151.49, signifying a +0.59% move from its prior day's close.