Simon Property Group (NYSE:SPG) had its target price hoisted by Citigroup from $190.00 to $200.00 in a research note released on Tuesday morning. Citigroup currently has a buy rating on the real estate investment trust’s stock.
A number of other equities analysts have also recently weighed in on the company. Jefferies Financial Group reissued a $170.72 rating and set a $194.00 price objective on shares of Simon Property Group in a report on Wednesday, July 18th. Zacks Investment Research raised Simon Property Group from a hold rating to a buy rating and set a $197.00 price objective on the stock in a report on Thursday, October 4th. Bank of America raised their price objective on Simon Property Group from $193.00 to $203.00 and gave the company a buy rating in a report on Monday, September 10th. Argus raised their price objective on Simon Property Group to $200.00 and gave the company a buy rating in a report on Thursday, October 11th. Finally, Mizuho reissued a buy rating and set a $188.00 price objective on shares of Simon Property Group in a report on Wednesday, August 1st. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Simon Property Group has an average rating of Buy and a consensus price target of $195.42.
Shares of NYSE:SPG traded down $1.23 on Tuesday, hitting $180.41. The company’s stock had a trading volume of 1,453,472 shares, compared to its average volume of 1,920,774. Simon Property Group has a 1 year low of $145.78 and a 1 year high of $188.21. The stock has a market cap of $58.79 billion, a P/E ratio of 16.09, a PEG ratio of 2.50 and a beta of 0.40. The company has a quick ratio of 1.13, a current ratio of 1.12 and a debt-to-equity ratio of 6.14.
Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Thursday, October 25th. The real estate investment trust reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.07. Simon Property Group had a return on equity of 57.87% and a net margin of 40.83%. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.42 billion. On average, equities research analysts expect that Simon Property Group will post 12.12 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be given a dividend of $2.00 per share. The ex-dividend date is Thursday, November 15th. This represents a $8.00 annualized dividend and a yield of 4.43%. Simon Property Group’s payout ratio is 71.36%.
In related news, insider John Rulli sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $186.52, for a total transaction of $1,119,120.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.64% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its position in Simon Property Group by 1.2% during the 2nd quarter. BlackRock Inc. now owns 30,623,068 shares of the real estate investment trust’s stock worth $5,211,739,000 after acquiring an additional 350,087 shares during the last quarter. FMR LLC grew its position in shares of Simon Property Group by 2.0% in the 2nd quarter. FMR LLC now owns 6,470,355 shares of the real estate investment trust’s stock worth $1,101,190,000 after buying an additional 124,884 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Simon Property Group by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 6,096,513 shares of the real estate investment trust’s stock worth $940,997,000 after buying an additional 185,668 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Simon Property Group by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,598,802 shares of the real estate investment trust’s stock worth $782,676,000 after buying an additional 39,244 shares during the last quarter. Finally, PGGM Investments grew its position in shares of Simon Property Group by 1.6% in the 3rd quarter. PGGM Investments now owns 3,746,811 shares of the real estate investment trust’s stock worth $662,249,000 after buying an additional 57,811 shares during the last quarter. Institutional investors and hedge funds own 92.72% of the company’s stock.
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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