| Wednesday | ||||
Compass Point analyst… Compass Point analyst Floris van Dijkum raised the firm's price target on Simon Property Group (SPG) to $130 from $120 and keeps a Buy rating on the shares. Simon's shares "could re-rate incrementally as it gathers steam following the recent transactional evidence," van Dijkum tells investors in a research note. In addition, most investors expect the company to turn its "attention to other prey now" that Taubman Centers is under its control. | ||||
| Over a week ago | ||||
Evercore ISI analyst… Evercore ISI analyst Steve Sakwa resumed coverage of Simon Property Group with an In Line rating and $89 price target. The analyst likes Simon over the long term given its "dominant status" in the retail space and "strong" liquidity position, but he prefers to wait for a entry point into the name. | ||||
New option listings for… New option listings for January 5th include PhenixFIN Corporation (PFX). Option delistings effective January 5th include BMC Stock Holdings Inc (BMCH), GV Stock (GV), Medley Capital Corporation (MCC), National General Holdings Corporation (NGHC), and TCO Stock (TCO). | ||||
Bearish flow noted in… Bearish flow noted in Simon Property with 3,370 puts trading, or 1.2x expected. Most active are Jan-21 80 puts and Jan-21 65 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 1.51, while ATM IV is up nearly 4 points on the day. Earnings are expected on February 4th. | ||||
New option listings for… New option listings for December 31st include TCO Stock (TCO). | ||||
JCPenney's (JCPNQ)… JCPenney's (JCPNQ) new ownership group, consisting of Simon Property Group (SPG) and Brookfield Asset Management (BAM), along with strategic partner Authentic Brands Group, said they have launched a search for a Chief Executive Officer to replace Jill Soltau, who will be exiting the company effective December 31, 2020. "The search will seek to identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney," they announced in a statement. "JCPenney's new ownership group will establish a temporary office of the CEO to include key members of JCPenney's current leadership team," they added. Stanley Shashoua, Simon Property Group's Chief Investment Officer, will be appointed interim CEO effective January 1, 2021. | |
New option listings for… New option listings for December 30th include Golden Nugget Online Gaming Inc (Class A Stock) (GNOG), Romeo Power Inc (RMO), and Rush Street Interactive Inc (Class A Stock) (RSI). Option delistings effective December 30th include dMY Technology Group Inc (Class A Stock) (DMYT), Landcadia Holdings II Inc (Class A Stock) (LCA), RMG Acquisition Corp (Class A Stock) (RMG), and Taubman Centers Inc (TCO). | |
Simon Property Group… Simon Property Group (SPG) announced that it has completed its acquisition of an 80% ownership interest in The Taubman Realty Group Limited Partnership, or "TRG." Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group, L.P., acquired all of Taubman Centers (TCO) common stock for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20% partner in TRG. Total consideration for the acquisition, including the redemption of TCO's 6.5% Series J Cumulative Preferred Shares and its 6.25% Series K Cumulative Preferred Shares, was approximately $3.4B and was funded with existing liquidity, including proceeds from Simon's recently completed equity offering. David Simon, Chairman, CEO and President of Simon Property, said, "This investment will enhance the ability of TRG to establish innovative retail environments for consumers and to create new job prospects for the communities in which it operates. I look forward to partnering with the Taubmans in this exciting new joint venture, and to driving strong performance at TRG's properties." | |
Simon Property Group… Simon Property Group (SPG) is acquiring Taubman Centers (TCO) in a deal expected to be completed soon pending final conditions. |