Simon Property Group, Inc. (NYSE:SPG) Receives Average Rating of “Hold” from Brokerages

Simon Property Group, Inc. (NYSE:SPG) has been assigned an average rating of “Hold” from the nine brokerages that are presently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $162.78.

A number of equities research analysts recently commented on SPG shares. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and raised their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho upped their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Finally, Truist Financial upped their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $181.21 on Wednesday. The business’s 50 day moving average is $171.50 and its 200-day moving average is $159.52. The firm has a market capitalization of $59.13 billion, a PE ratio of 24.13, a PEG ratio of 10.52 and a beta of 1.74. Simon Property Group has a 1-year low of $119.92 and a 1-year high of $182.84. 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 released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the firm posted $3.20 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts predict that Simon Property Group will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.64%. Simon Property Group’s payout ratio is presently 109.19%.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Simon Property Group

Several institutional investors have recently modified their holdings of SPG. Orion Portfolio Solutions LLC increased its position in shares of Simon Property Group by 1.3% during the first quarter. Orion Portfolio Solutions LLC now owns 9,338 shares of the real estate investment trust’s stock worth $1,461,000 after acquiring an additional 121 shares in the last quarter. Covestor Ltd increased its holdings in Simon Property Group by 58.9% during the 1st quarter. Covestor Ltd now owns 259 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 96 shares in the last quarter. InterOcean Capital Group LLC acquired a new stake in shares of Simon Property Group in the 1st quarter valued at about $219,000. Natixis lifted its holdings in shares of Simon Property Group by 14.9% in the first quarter. Natixis now owns 33,365 shares of the real estate investment trust’s stock valued at $5,221,000 after purchasing an additional 4,319 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of Simon Property Group during the first quarter worth about $41,000. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Company Profile

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.