Simon Property Group (NYSE:SPG) Price Target Raised to $180.00

Simon Property Group (NYSE:SPG) had its price target boosted by Stifel Nicolaus from $168.50 to $180.00 in a research report released on Tuesday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts have also recently commented on the stock. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Scotiabank decreased their price objective on shares of Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Finally, Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $175.00 to $205.00 in a report on Wednesday, February 5th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $179.67.

Simon Property Group Stock Up 1.1%

Shares of Simon Property Group stock opened at $162.90 on Tuesday. The company has a market capitalization of $53.15 billion, a PE ratio of 22.44, a P/E/G ratio of 10.10 and a beta of 1.43. Simon Property Group has a 1-year low of $136.34 and a 1-year high of $190.14. The business has a 50-day moving average of $158.06 and a 200-day moving average of $170.94. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the company earned $3.56 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that Simon Property Group will post 12.54 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.16%. The ex-dividend date is Monday, June 9th. Simon Property Group’s dividend payout ratio (DPR) is currently 115.70%.

Hedge Funds Weigh In On Simon Property Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Simon Property Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust’s stock valued at $7,588,195,000 after buying an additional 267,503 shares during the period. Norges Bank bought a new stake in shares of Simon Property Group in the 4th quarter valued at about $2,059,505,000. Geode Capital Management LLC increased its stake in shares of Simon Property Group by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock valued at $1,577,600,000 after acquiring an additional 230,982 shares during the last quarter. Northern Trust Corp increased its stake in shares of Simon Property Group by 1.8% in the 1st quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust’s stock valued at $923,236,000 after acquiring an additional 96,126 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Simon Property Group by 3.0% during the 1st quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust’s stock worth $805,853,000 after purchasing an additional 141,657 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.