Simon Property Group’s (SPG) “Buy” Rating Reiterated at Canaccord Genuity
SPG has been the topic of a number of other reports. Mizuho lowered Simon Property Group from a buy rating to a neutral rating and set a $238.00 price objective on the stock. in a report on Wednesday, August 3rd. Vetr lowered Simon Property Group from a strong-buy rating to a buy rating and set a $225.68 price objective on the stock. in a report on Thursday, June 9th. BTIG Research started coverage on Simon Property Group in a report on Thursday, August 25th. They issued a buy rating and a $266.00 price objective on the stock. Stifel Nicolaus raised their target price on Simon Property Group from $232.00 to $240.00 and gave the stock a buy rating in a report on Monday, August 1st. Finally, Royal Bank Of Canada lowered Simon Property Group from an outperform rating to a sector perform rating and raised their target price for the stock from $220.00 to $230.00 in a report on Tuesday, August 2nd. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $236.00.
Simon Property Group (NYSE:SPG) opened at 210.87 on Friday. The company has a 50-day moving average price of $214.33 and a 200-day moving average price of $209.30. The stock has a market capitalization of $66.26 billion, a PE ratio of 37.45 and a beta of 0.76. Simon Property Group has a 12-month low of $176.11 and a 12-month high of $229.10.
Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.01. Simon Property Group had a return on equity of 34.61% and a net margin of 34.03%. The company earned $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the business posted $2.41 earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. Analysts expect that Simon Property Group will post $10.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th were given a $1.65 dividend. This represents a $6.60 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Monday, August 15th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.60. Simon Property Group’s dividend payout ratio (DPR) is 117.23%.
In related news, SVP Steven K. Broadwater sold 945 shares of Simon Property Group stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $215.41, for a total transaction of $203,562.45. Following the transaction, the senior vice president now owns 2,965 shares in the company, valued at $638,690.65. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Andrew Juster sold 7,000 shares of Simon Property Group stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $215.68, for a total value of $1,509,760.00. The disclosure for this sale can be found here. 8.50% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in SPG. Mn Services Vermogensbeheer B.V. bought a new position in shares of Simon Property Group during the first quarter worth approximately $1,409,000. Aperio Group LLC increased its position in shares of Simon Property Group by 8.1% in the first quarter. Aperio Group LLC now owns 127,987 shares of the real estate investment trust’s stock worth $26,582,000 after buying an additional 9,594 shares during the last quarter. Sarasin & Partners LLP increased its position in shares of Simon Property Group by 12.9% in the first quarter. Sarasin & Partners LLP now owns 471,245 shares of the real estate investment trust’s stock worth $97,873,000 after buying an additional 53,730 shares during the last quarter. Commonwealth Equity Services Inc increased its position in shares of Simon Property Group by 45.6% in the first quarter. Commonwealth Equity Services Inc now owns 19,323 shares of the real estate investment trust’s stock worth $4,013,000 after buying an additional 6,048 shares during the last quarter. Finally, Sanders Morris Harris Inc. bought a new position in shares of Simon Property Group during the first quarter worth approximately $4,272,000. Hedge funds and other institutional investors own 98.56% 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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