Simon Property Group (NYSE:SPG) Upgraded to “Outperform” at Evercore ISI

Evercore ISI upgraded shares of Simon Property Group (NYSE:SPG) from an in-line rating to an outperform rating in a research report released on Monday morning, MarketBeat reports. They currently have $172.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $160.00.

Other equities analysts have also issued reports about the stock. Mizuho lifted their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company 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 report on Friday, August 16th. Truist Financial raised their price target on Simon Property Group from $147.00 to $158.00 and gave the company a hold rating in a report on Wednesday, August 28th. Scotiabank upped their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a sector perform rating in a research note on Monday, August 26th. Finally, Stifel Nicolaus restated a hold rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $162.78.

Simon Property Group Trading Up 0.6 %

SPG opened at $164.95 on Monday. 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 has a 52 week low of $102.11 and a 52 week high of $169.18. The stock has a market cap of $53.78 billion, a PE ratio of 21.01, a PEG ratio of 8.97 and a beta of 1.74. The business has a 50 day moving average of $157.84 and a 200-day moving average of $151.74.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.88 EPS. Equities research analysts predict 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 declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend is Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 486 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the transaction, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Clearstead Trust LLC purchased a new stake in shares of Simon Property Group during the 1st quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group during the second quarter valued at approximately $25,000. EntryPoint Capital LLC purchased a new stake in Simon Property Group during the first quarter valued at approximately $26,000. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group in the second quarter worth approximately $27,000. Finally, Cape Investment Advisory Inc. boosted its stake in shares of Simon Property Group by 3,200.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 192 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Company Profile

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.