Jefferies Group LLC reiterated their buy rating on shares of Simon Property Group, Inc. (NYSE:SPG) in a report published on Monday, July 17th. The brokerage currently has a $190.00 price target on the real estate investment trust’s stock.
SPG has been the topic of several other research reports. Argus reduced their price target on Simon Property Group from $225.00 to $210.00 and set a buy rating on the stock in a report on Thursday, June 29th. Morgan Stanley reiterated an equal weight rating and set a $158.00 price target (down previously from $180.00) on shares of Simon Property Group in a report on Saturday, June 3rd. Zacks Investment Research lowered Simon Property Group from a hold rating to a sell rating in a report on Wednesday, June 14th. BTIG Research reiterated a buy rating and set a $231.00 price target on shares of Simon Property Group in a report on Monday, April 3rd. Finally, ValuEngine lowered shares of Simon Property Group from a buy rating to a hold rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $194.88.
Shares of Simon Property Group (NYSE:SPG) opened at 166.37 on Monday. The stock has a market cap of $51.71 billion, a P/E ratio of 29.65 and a beta of 0.58. The company’s 50-day moving average is $160.11 and its 200-day moving average is $168.14. Simon Property Group has a 1-year low of $150.15 and a 1-year high of $223.07.
Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.44 by $0.03. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the company posted $2.63 EPS. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. Equities analysts expect that Simon Property Group will post $6.28 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th will be given a dividend of $1.80 per share. The ex-dividend date is Tuesday, August 15th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.75. This represents a $7.20 dividend on an annualized basis and a dividend yield of 4.33%. Simon Property Group’s payout ratio is currently 124.33%.
Several institutional investors have recently made changes to their positions in SPG. BlackRock Inc. increased its position in shares of Simon Property Group by 1,886.1% in the first quarter. BlackRock Inc. now owns 29,769,454 shares of the real estate investment trust’s stock worth $5,121,238,000 after buying an additional 28,270,599 shares during the period. Vanguard Group Inc. increased its position in shares of Simon Property Group by 2.1% in the first quarter. Vanguard Group Inc. now owns 45,481,675 shares of the real estate investment trust’s stock worth $7,824,213,000 after buying an additional 923,592 shares during the period. PGGM Investments increased its position in shares of Simon Property Group by 31.8% in the first quarter. PGGM Investments now owns 3,473,850 shares of the real estate investment trust’s stock worth $597,606,000 after buying an additional 839,043 shares during the period. APG Asset Management US Inc. increased its position in shares of Simon Property Group by 7.4% in the second quarter. APG Asset Management US Inc. now owns 7,258,540 shares of the real estate investment trust’s stock worth $1,174,141,000 after buying an additional 498,800 shares during the period. Finally, Brookfield Asset Management Inc. increased its position in shares of Simon Property Group by 28.0% in the fourth quarter. Brookfield Asset Management Inc. now owns 2,264,105 shares of the real estate investment trust’s stock worth $402,264,000 after buying an additional 495,300 shares during the period. 95.64% of the stock is owned by institutional investors and hedge funds.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company 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.
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