Simon Property Group (NYSE:SPG) Price Target Raised to $182.00

Simon Property Group (NYSE:SPG) had its price target increased by Mizuho from $158.00 to $182.00 in a research report released on Wednesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the stock. Scotiabank increased their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler restated a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Truist Financial lifted their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $165.44.

Simon Property Group Stock Up 1.1 %

Shares of SPG opened at $183.81 on Wednesday. The stock’s 50-day moving average price is $175.34 and its two-hundred day moving average price is $162.19. Simon Property Group has a 12 month low of $129.08 and a 12 month high of $186.00. The company has a market capitalization of $59.97 billion, a PE ratio of 24.48, a PEG ratio of 10.55 and a beta of 1.75. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $3.20 earnings per share. On average, analysts anticipate that Simon Property Group will post 12.78 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.57%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. Simon Property Group’s dividend payout ratio is presently 109.19%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.50% of the stock is currently owned by insiders.

Institutional Trading of Simon Property Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC bought a new stake in Simon Property Group during the second quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Simon Property Group in the 2nd quarter worth $27,000. RFP Financial Group LLC grew its stake in shares of Simon Property Group by 727.3% in the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 160 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Simon Property Group in the third quarter valued at about $30,000. Finally, Trivant Custom Portfolio Group LLC bought a new position in shares of Simon Property Group during the third quarter valued at about $42,000. 93.01% of the stock is owned by institutional investors.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.