Financial

Simon Property Group (NYSE:SPG) priced an upsized public offering of 19,250,000 shares of common stock

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Simon Property Group (NYSE:SPG) stock identified change of 81.33% away from 52-week low price and recently located move of -50.40% off 52-week high price. It has market worth of $21.69B and dividend yield of 6.79%. SPG stock has been recorded 13.69% away from 50 day moving average and 5.21% away from 200 day moving average. Moving closer, we can see that shares have been trading 12.54% off 20-day moving average.

On Nov. 18, 2020, Simon Property Group (NYSE:SPG) a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, reported that Simon has priced an upsized public offering of 19,250,000 shares of common stock at a public offering price of $72.50 per share that is expected to close November 23, 2020, subject to the satisfaction of customary closing conditions. Net proceeds from the offering, after deducting fees and estimated expenses related to the offering, will be approximately $1.35 billion. The Company has granted the underwriters an overallotment option to purchase up to 2,887,500 additional shares of common stock.

The Company intends to contribute the net proceeds from the offering to Simon Property Group, L.P. (the Operating Partnership), which intends to use such proceeds to fund the previously announced acquisition of an 80% interest in The Taubman Realty Group Limited Partnership (the Taubman Acquisition) in part and for other general business purposes, which may include, without limitation, repaying or repurchasing indebtedness, working capital and capital expenditures.

The Real Estate sector company, Simon Property Group noticed change of -2.98% to $76.61 along volume of 7437784 shares in recent session compared to an average volume of 5.23M. The stock observed return of 4.36% in 5 days trading activity. The stock was at 18.85% over one month performance. SPG’s shares are at 18.10% for the quarter and driving a -49.21% return over the course of the past year and is now at -48.57% since this point in 2018.

The average volatility for the week at 5.78% and for month was at 5.38%. There are 305.91M shares outstanding and 304.40M shares are floated in market. Right now the stock beta is 1.35.

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