Simon Property Group (SPG) Receives New Coverage from Analysts at Scotiabank

Scotiabank initiated coverage on shares of Simon Property Group (NYSE:SPG) in a research report sent to investors on Tuesday morning, The Fly reports. The firm issued a sector perform rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently weighed in on SPG. Barclays upped their price objective on shares of Simon Property Group from $184.00 to $192.00 and gave the stock an overweight rating in a research report on Tuesday, July 17th. Jefferies Financial Group restated a $170.72 rating and set a $194.00 price objective on shares of Simon Property Group in a research report on Wednesday, July 18th. BMO Capital Markets restated a buy rating and set a $175.00 price objective on shares of Simon Property Group in a research report on Monday, July 30th. Wells Fargo & Co upped their price objective on shares of Simon Property Group from $175.00 to $183.00 and gave the stock an outperform rating in a research report on Tuesday, July 31st. Finally, Citigroup upped their price objective on shares of Simon Property Group from $187.00 to $190.00 and gave the stock a buy rating in a research report on Tuesday, July 31st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $192.31.

NYSE:SPG opened at $174.77 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 6.13. The firm has a market cap of $55.45 billion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 2.38 and a beta of 0.53. Simon Property Group has a fifty-two week low of $145.78 and a fifty-two week high of $186.03.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, July 30th. The real estate investment trust reported $1.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.13. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a net margin of 40.11% and a return on equity of 55.59%. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.23 earnings per share. As a group, equities research analysts predict that Simon Property Group will post 12.12 EPS for the current year.

In other news, insider John Rulli sold 1,330 shares of the company’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $177.05, for a total transaction of $235,476.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.64% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Dynamic Advisor Solutions LLC grew its holdings in shares of Simon Property Group by 2.5% in the second quarter. Dynamic Advisor Solutions LLC now owns 11,601 shares of the real estate investment trust’s stock valued at $1,974,000 after purchasing an additional 285 shares during the period. Garland Capital Management Inc. grew its holdings in shares of Simon Property Group by 1.5% in the second quarter. Garland Capital Management Inc. now owns 21,690 shares of the real estate investment trust’s stock valued at $3,691,000 after purchasing an additional 320 shares during the period. Alps Advisors Inc. grew its holdings in shares of Simon Property Group by 2.0% in the second quarter. Alps Advisors Inc. now owns 16,519 shares of the real estate investment trust’s stock valued at $2,837,000 after purchasing an additional 320 shares during the period. Bogart Wealth LLC grew its holdings in shares of Simon Property Group by 3.2% in the second quarter. Bogart Wealth LLC now owns 11,163 shares of the real estate investment trust’s stock valued at $1,899,000 after purchasing an additional 341 shares during the period. Finally, Boenning & Scattergood Inc. grew its holdings in shares of Simon Property Group by 5.2% in the third quarter. Boenning & Scattergood Inc. now owns 6,913 shares of the real estate investment trust’s stock valued at $1,222,000 after purchasing an additional 344 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

About Simon Property Group

Simon is a global leader 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.

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