Simon Property Group, Inc. (SPG) Rating Increased to Buy at Goldman Sachs Group, Inc. (The)

Goldman Sachs Group, Inc. (The) upgraded shares of Simon Property Group, Inc. (NYSE:SPG) from a neutral rating to a buy rating in a research report released on Tuesday, Marketbeat.com reports. Goldman Sachs Group, Inc. (The) currently has $185.00 price target on the real estate investment trust’s stock, up from their prior price target of $175.00.

Other analysts have also issued research reports about the company. Barclays PLC cut their target price on Simon Property Group from $206.00 to $200.00 and set an overweight rating on the stock in a research report on Wednesday, April 19th. Zacks Investment Research lowered Simon Property Group from a hold rating to a sell rating in a research report on Wednesday, June 14th. Jefferies Group LLC reissued a buy rating and issued a $210.00 target price on shares of Simon Property Group in a research report on Monday, April 17th. Royal Bank Of Canada reissued a hold rating and issued a $182.00 target price on shares of Simon Property Group in a research report on Thursday, May 18th. Finally, BTIG Research reissued a buy rating and issued a $231.00 target price on shares of Simon Property Group in a research report on Monday, April 3rd. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Simon Property Group currently has an average rating of Buy and an average target price of $204.37.

Simon Property Group (NYSE SPG) opened at 158.90 on Tuesday. The stock has a market capitalization of $49.61 billion, a P/E ratio of 27.19 and a beta of 0.61. Simon Property Group has a 12-month low of $150.15 and a 12-month high of $229.10. The firm’s 50-day moving average price is $158.52 and its 200 day moving average price is $172.60.

Simon Property Group (NYSE:SPG) last announced its earnings results on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by $0.02. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Simon Property Group had a net margin of 34.99% and a return on equity of 40.16%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.63 EPS. On average, equities analysts anticipate that Simon Property Group will post $6.40 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Wednesday, May 17th were paid a dividend of $1.75 per share. The ex-dividend date was Monday, May 15th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 4.41%. Simon Property Group’s dividend payout ratio (DPR) is 119.66%.

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 1,400 shares of the company’s stock in a transaction dated Tuesday, March 28th. The stock was acquired at an average cost of $166.00 per share, with a total value of $232,400.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 8.42% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted 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. Norges Bank purchased a new stake in shares of Simon Property Group during the fourth quarter worth about $261,732,000. Vanguard Group Inc. raised its stake 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 raised its stake 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. Finally, Renaissance Technologies LLC purchased a new stake in shares of Simon Property Group during the fourth quarter worth about $110,245,000. 95.30% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Company Profile

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “SPG”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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