Investment analysts at BMO Capital Markets assumed coverage on shares of Simon Property Group, Inc. (NYSE:SPG) in a research note issued to investors on Monday. The brokerage set an “outperform” rating and a $175.00 price target on the real estate investment trust’s stock. BMO Capital Markets’ price target would indicate a potential upside of 11.08% from the company’s previous close.
A number of other brokerages have also recently commented on SPG. Boenning Scattergood set a $240.00 target price on Simon Property Group and gave the company a “buy” rating in a report on Wednesday, August 2nd. Barclays PLC increased their target price on Simon Property Group from $188.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, August 8th. Argus reduced their target price on Simon Property Group from $225.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, June 29th. BidaskClub raised Simon Property Group from a “strong sell” rating to a “sell” rating in a report on Sunday, July 16th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $190.00 target price on shares of Simon Property Group in a report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $193.76.
Shares of Simon Property Group (NYSE SPG) opened at 157.55 on Monday. The company has a market cap of $48.97 billion, a P/E ratio of 28.08 and a beta of 0.58. Simon Property Group has a 1-year low of $150.15 and a 1-year high of $215.56. The firm has a 50-day moving average price of $159.57 and a 200-day moving average price of $163.47.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.44 by $0.03. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the business posted $2.63 earnings per share. Simon Property Group’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities analysts expect that Simon Property Group will post $6.34 EPS for the current year.
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A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Simon Property Group by 0.6% during the second quarter. Vanguard Group Inc. now owns 45,741,576 shares of the real estate investment trust’s stock worth $7,399,158,000 after acquiring an additional 259,901 shares during the last quarter. BlackRock Inc. increased its stake in Simon Property Group by 1,886.1% during 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 acquiring an additional 28,270,599 shares during the last quarter. Capital World Investors increased its stake in Simon Property Group by 25.4% during the second quarter. Capital World Investors now owns 20,788,000 shares of the real estate investment trust’s stock worth $3,362,667,000 after acquiring an additional 4,210,000 shares during the last quarter. State Street Corp increased its stake in Simon Property Group by 0.7% during the first quarter. State Street Corp now owns 18,280,079 shares of the real estate investment trust’s stock worth $3,144,722,000 after acquiring an additional 118,826 shares during the last quarter. Finally, APG Asset Management US Inc. increased its stake in Simon Property Group by 7.4% during the second quarter. APG Asset Management US Inc. now owns 7,258,540 shares of the real estate investment trust’s stock worth $1,174,141,000 after acquiring an additional 498,800 shares during the last quarter. 95.16% of the stock is owned by institutional investors.
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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