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We are looking at Simon Property Group (SPG) today.
Why Simpon Property Group (SPG) stock jumped today?
Shares of Simon Property Group were up more than 17% on Monday. Like most REITs, the company had stopped its dividend payment in response to the COVID-19 pandemic's impact on the commercial real estate market. On Monday, the company resumed its dividend at 50%, and that was enough to give investors confidence about the future of the company.
It's no surprise that the stock was initially hit significantly due to the COVID-19 pandemic. Investors were expecting a drastic shift to work-from-home living and e-commerce across the world. The fear of drastic change in the way people live and work spooked investors away from real estate income trusts such as SPG. However, with a solid and robust balance sheet, SPG is among some of the most reliable REITs (get the list). The hopes of reopening the economy are renewing trust in the future of the stock and its dividend payment power. Make sure to have a look at the company's Stock Card.
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