Simon Property Group (NYSE:SPG) Stock Rating Reaffirmed by Stifel Nicolaus

Stifel Nicolaus reissued their hold rating on shares of Simon Property Group (NYSE:SPG) in a research note published on Thursday morning, Marketbeat.com reports. Stifel Nicolaus currently has a $159.00 price target on the real estate investment trust’s stock, up from their prior price target of $157.50.

A number of other research firms have also recently issued reports on SPG. Argus lifted their price target on Simon Property Group from $157.00 to $168.00 and gave the company a buy rating in a report on Tuesday, June 11th. Scotiabank raised their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the company a sector perform rating in a report on Monday, August 26th. Mizuho upped their price objective on Simon Property Group from $155.00 to $158.00 and gave the stock a neutral rating in a report on Monday, August 19th. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a research note on Friday, August 16th. Finally, Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the company a hold rating in a research note on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $161.44.

Simon Property Group Trading Up 0.2 %

Shares of Simon Property Group stock opened at $164.02 on Thursday. Simon Property Group has a 12-month low of $102.11 and a 12-month high of $169.18. The stock has a market capitalization of $53.48 billion, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 8.97 and a beta of 1.74. The company has a 50-day simple moving average of $157.48 and a 200 day simple moving average of $151.62. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.88 EPS. Research analysts expect that Simon Property Group will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 5.00%. The ex-dividend date is Monday, September 9th. Simon Property Group’s payout ratio is presently 104.46%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the completion of the transaction, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Simon Property Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Simon Property Group in the fourth quarter worth $2,561,181,000. Vanguard Group Inc. boosted its stake in shares of Simon Property Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Strategic Financial Concepts LLC grew its holdings in shares of Simon Property Group by 16,795.2% in the 2nd quarter. Strategic Financial Concepts LLC now owns 424,070 shares of the real estate investment trust’s stock valued at $64,374,000 after acquiring an additional 421,560 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Simon Property Group by 134.3% in the fourth quarter. Franklin Resources Inc. now owns 563,825 shares of the real estate investment trust’s stock valued at $80,424,000 after acquiring an additional 323,168 shares during the last quarter. Finally, Castle Hook Partners LP raised its holdings in Simon Property Group by 182.0% during the first quarter. Castle Hook Partners LP now owns 480,692 shares of the real estate investment trust’s stock worth $75,223,000 after acquiring an additional 310,207 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.