Notable Price Action: Today Simon Property Group Inc Stock Crashes. What To Expect?

Notable Price Action: Today Simon Property Group Inc Stock Crashes. What To Expect?

The stock of Simon Property Group Inc (NYSE:SPG) gapped down by $0.69 today and has $187.71 target or 7.00% below today’s $201.84 share price. The 9 months technical chart setup indicates high risk for the $63.42 billion company. The gap down was reported on Oct, 4 by If the $187.71 price target is reached, the company will be worth $4.44B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.50% or $5.17 on October 3, hitting $201.84. Simon Property Group Inc (NYSE:SPG) has risen 3.74% since March 1, 2016 and is uptrending. It has underperformed by 8.47% the S&P500.

Analysts await Simon Property Group Inc (NYSE:SPG) to report earnings on October, 25. They expect $2.67 EPS, up 5.12% or $0.13 from last year’s $2.54 per share. SPG’s profit will be $838.94 million for 18.90 P/E if the $2.67 EPS becomes a reality. After $2.63 actual EPS reported by Simon Property Group Inc for the previous quarter, Wall Street now forecasts 1.52% EPS growth.

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 28 analyst reports since July 21, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the stock with “Outperform” rating in Tuesday, February 2 report. On Wednesday, August 17 the stock rating was maintained by Deutsche Bank with “Buy”. The stock of Simon Property Group Inc (NYSE:SPG) has “Buy” rating given on Tuesday, September 8 by Evercore. Zacks upgraded Simon Property Group Inc (NYSE:SPG) on Wednesday, August 26 to “Hold” rating. The stock of Simon Property Group Inc (NYSE:SPG) has “Outperform” rating given on Tuesday, July 28 by RBC Capital Markets. Stifel Nicolaus maintained Simon Property Group Inc (NYSE:SPG) on Monday, March 21 with “Buy” rating. The rating was downgraded by RBC Capital Markets on Tuesday, August 2 to “Sector Perform”. The firm has “Buy” rating given on Monday, March 7 by Evercore. The stock has “Buy” rating given by BTIG Research on Thursday, August 25. The firm has “Buy” rating by Stifel Nicolaus given on Wednesday, October 28.

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 is positive, 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.
Profund Advsrs Ltd Liability Co has 0.23% invested in the company for 21,988 shares. Gateway Investment Advisers Ltd Liability Com has 24,121 shares for 0.04% of their US portfolio. Hemenway Tru Co Ltd Liability Corporation last reported 0.15% of its portfolio in the stock. Stratos Wealth Prtn Limited holds 0.02% of its portfolio in Simon Property Group Inc (NYSE:SPG) for 1,308 shares. Royal London Asset Mgmt last reported 105,034 shares in the company. Hennessy Advsrs Incorporated holds 10,000 shares or 0.07% of its portfolio. Everett Harris And Commerce Ca last reported 1,400 shares in the company. Security Capital Rech & Inc accumulated 6.7% or 909,846 shares. Huntington Natl Bank holds 0.24% of its portfolio in Simon Property Group Inc (NYSE:SPG) for 50,724 shares. Waratah Cap Advsrs Limited reported 2,010 shares or 0.09% of all its holdings. Putnam Fl Investment Management Com has 10,177 shares for 0.26% of their US portfolio. Cibc has invested 0.03% of its portfolio in Simon Property Group Inc (NYSE:SPG). Moreover, Intact Investment Inc has 0.04% invested in Simon Property Group Inc (NYSE:SPG) for 4,600 shares. Loomis Sayles And Co Lp accumulated 0.08% or 131,429 shares. Comerica National Bank & Trust reported 95,624 shares or 0.18% of all its holdings.

Insider Transactions: Since April 28, 2016, the stock had 1 buy, and 2 insider sales for $1.69 million net activity. Broadwater Steven K. had sold 945 shares worth $203,562. Another trade for 136 shares valued at $27,869 was made by HUBBARD ALLAN B on Thursday, April 28. JUSTER ANDREW sold $1.51M worth of Simon Property Group Inc (NYSE:SPG) on Monday, August 29.

Another recent and important Simon Property Group Inc (NYSE:SPG) news was published by which published an article titled: “Simon Property Group Inc. announces mall manager” on September 16, 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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