Simon Property Group (NYSE:SPG) Price Target Raised to $168.00

Simon Property Group (NYSE:SPGFree Report) had its price objective lifted by Argus from $157.00 to $168.00 in a report released on Tuesday morning, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

SPG has been the subject of a number of other research reports. Truist Financial boosted their price target on Simon Property Group from $139.00 to $147.00 and gave the company a hold rating in a research report on Friday, March 22nd. Evercore ISI boosted their price objective on Simon Property Group from $142.00 to $150.00 and gave the stock an in-line rating in a research note on Wednesday, February 28th. StockNews.com upgraded Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Morgan Stanley boosted their price objective on Simon Property Group from $143.00 to $145.00 and gave the stock an equal weight rating in a research note on Monday, February 26th. Finally, Scotiabank boosted their price objective on Simon Property Group from $142.00 to $152.00 and gave the stock a sector perform rating in a research note on Thursday, May 16th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group currently has an average rating of Moderate Buy and an average target price of $147.60.

Get Our Latest Stock Report on SPG

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $151.84 on Tuesday. The company has a market cap of $49.49 billion, a P/E ratio of 19.34, a P/E/G ratio of 9.04 and a beta of 1.71. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group has a 52 week low of $102.11 and a 52 week high of $157.82. The business has a fifty day simple moving average of $146.87 and a 200-day simple moving average of $145.12.

Simon Property Group (NYSE:SPGGet Free Report) last announced its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the firm earned $2.74 EPS. Simon Property Group’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts forecast that Simon Property Group will post 12.84 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $2.00 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend is Friday, June 7th. This represents a $8.00 annualized dividend and a dividend yield of 5.27%. Simon Property Group’s payout ratio is 101.91%.

Institutional Trading of Simon Property Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. DekaBank Deutsche Girozentrale raised its stake in Simon Property Group by 0.9% during the first quarter. DekaBank Deutsche Girozentrale now owns 254,087 shares of the real estate investment trust’s stock valued at $38,974,000 after buying an additional 2,205 shares in the last quarter. Pathway Financial Advisers LLC acquired a new stake in Simon Property Group during the first quarter valued at approximately $29,000. Boston Partners raised its stake in Simon Property Group by 4.2% during the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after buying an additional 92,648 shares in the last quarter. Cetera Advisors LLC raised its stake in Simon Property Group by 210.5% during the first quarter. Cetera Advisors LLC now owns 19,936 shares of the real estate investment trust’s stock valued at $3,120,000 after buying an additional 13,515 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in Simon Property Group by 145.4% during the first quarter. Cetera Investment Advisers now owns 62,605 shares of the real estate investment trust’s stock valued at $9,797,000 after buying an additional 37,093 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

About Simon Property Group

(Get Free Report)

Simon is a real estate investment trust engaged 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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