Simon Property Group Inc (NYSE:SPG) had its target price dropped by Canaccord Genuity from $250.00 to $224.00 in a research report issued on Monday. The firm currently has a “buy” rating on the real estate investment trust’s stock. Canaccord Genuity’s price target would suggest a potential upside of 34.82% from the company’s current price.
Several other analysts have also weighed in on SPG. Royal Bank of Canada reissued a “hold” rating and issued a $216.00 price objective on shares of Simon Property Group in a report on Tuesday, January 3rd. Deutsche Bank AG lowered Simon Property Group from a “buy” rating to a “hold” rating and lowered their price objective for the company from $231.00 to $188.00 in a report on Monday, January 9th. SunTrust Banks, Inc. lowered Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, January 19th. They noted that the move was a valuation call. Barclays PLC lowered their price objective on Simon Property Group from $247.00 to $202.00 and set an “overweight” rating for the company in a report on Monday, January 23rd. Finally, BTIG Research reissued a “buy” rating and issued a $231.00 price objective on shares of Simon Property Group in a report on Wednesday, February 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. Simon Property Group has an average rating of “Hold” and an average target price of $223.64.
Simon Property Group (NYSE:SPG) traded up 1.13% during mid-day trading on Monday, hitting $168.02. The stock had a trading volume of 1,368,239 shares. Simon Property Group has a 12-month low of $163.55 and a 12-month high of $229.10. The company has a 50-day moving average of $176.46 and a 200-day moving average of $186.07. The stock has a market cap of $52.60 billion, a price-to-earnings ratio of 28.62 and a beta of 0.60.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Tuesday, January 31st. The real estate investment trust reported $2.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $1.05. The firm earned $1.43 billion during the quarter, compared to analyst estimates of $1.46 billion. Simon Property Group had a return on equity of 39.00% and a net margin of 35.11%. Simon Property Group’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.40 earnings per share. On average, analysts anticipate that Simon Property Group will post $6.61 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Tuesday, February 14th were issued a dividend of $1.75 per share. The ex-dividend date was Friday, February 10th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.65. This represents a $7.00 annualized dividend and a dividend yield of 4.21%. Simon Property Group’s dividend payout ratio is 119.25%.
Several institutional investors have recently modified their holdings of SPG. Waratah Capital Advisors Ltd. acquired a new position in shares of Simon Property Group during the fourth quarter valued at about $7,240,000. Commerzbank Aktiengesellschaft FI increased its position in shares of Simon Property Group by 167.4% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 4,685 shares of the real estate investment trust’s stock valued at $832,000 after buying an additional 2,933 shares in the last quarter. Payden & Rygel increased its position in shares of Simon Property Group by 24.4% in the third quarter. Payden & Rygel now owns 93,960 shares of the real estate investment trust’s stock valued at $19,451,000 after buying an additional 18,400 shares in the last quarter. BB&T Securities LLC increased its position in shares of Simon Property Group by 5.2% in the third quarter. BB&T Securities LLC now owns 30,074 shares of the real estate investment trust’s stock valued at $6,225,000 after buying an additional 1,479 shares in the last quarter. Finally, Tredje AP fonden increased its position in shares of Simon Property Group by 23.7% in the fourth quarter. Tredje AP fonden now owns 38,504 shares of the real estate investment trust’s stock valued at $6,841,000 after buying an additional 7,374 shares in the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.
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.
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