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Simon (SPG) Surges: Stock Moves 5.7% Higher
Simon Property Group, Inc. (SPG - Free Report) was a big mover last session, as the company saw its shares rise nearly 6% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This stock, which remained volatile and traded within the range of $60.76 – $79.10 in the past one-month time frame, witnessed a sharp increase yesterday.
The move came after the company reached a definitive agreement to change specific terms of the original merger agreement with Taubman Centers.
The company has seen four negative estimate revisions in the past month, while its Zacks Consensus Estimate for the current quarter has also moved lower in the same time frame, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.
Simon currently has a Zacks Rank #5 (Strong Sell) while its Earnings ESP is negative.
Simon Property Group, Inc. Price
Simon Property Group, Inc. price | Simon Property Group, Inc. Quote
A better-ranked stock in the Finance sector is Ameris Bancorp (ABCB - Free Report) , which currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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