Simon Property Group, Inc. (NYSE:SPG) Receives Consensus Recommendation of “Hold” from Analysts

Simon Property Group, Inc. (NYSE:SPG) has been given a consensus recommendation of “Hold” by the ten ratings firms that are covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $178.50.

Several equities research analysts have weighed in on SPG shares. Barclays began coverage on Simon Property Group in a research report on Wednesday. They issued an “equal weight” rating and a $170.00 price target on the stock. Piper Sandler dropped their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, May 23rd. Stifel Nicolaus lifted their price objective on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Scotiabank boosted their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a “sector perform” rating in a research note on Tuesday, June 17th. Finally, JPMorgan Chase & Co. cut their price target on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd.

Simon Property Group Stock Up 1.0%

Shares of NYSE:SPG opened at $165.86 on Thursday. The firm’s 50-day moving average is $160.46 and its two-hundred day moving average is $166.61. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. Simon Property Group has a 1 year low of $136.34 and a 1 year high of $190.14. The firm has a market capitalization of $54.14 billion, a PE ratio of 26.41, a price-to-earnings-growth ratio of 9.16 and a beta of 1.43.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the business earned $3.56 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. Analysts predict that Simon Property Group will post 12.54 EPS for the current year.

Simon Property Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were issued a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend was Monday, June 9th. Simon Property Group’s payout ratio is currently 133.76%.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Gary M. Rodkin purchased 246 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the transaction, the director directly owned 19,010 shares in the company, valued at $3,028,102.90. This trade represents a 1.31% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Larry C. Glasscock bought 396 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $63,078.84. Following the completion of the acquisition, the director directly owned 43,185 shares of the company’s stock, valued at approximately $6,878,938.65. The trade was a 0.93% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 2,386 shares of company stock valued at $380,066. 8.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pitcairn Co. boosted its holdings in shares of Simon Property Group by 0.6% in the fourth quarter. Pitcairn Co. now owns 9,895 shares of the real estate investment trust’s stock valued at $1,704,000 after acquiring an additional 55 shares in the last quarter. Colonial Trust Co SC boosted its holdings in Simon Property Group by 37.5% in the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 57 shares in the last quarter. HighPoint Advisor Group LLC increased its position in Simon Property Group by 1.8% during the 4th quarter. HighPoint Advisor Group LLC now owns 3,396 shares of the real estate investment trust’s stock worth $626,000 after purchasing an additional 60 shares during the period. Great Lakes Advisors LLC increased its position in Simon Property Group by 3.7% during the 1st quarter. Great Lakes Advisors LLC now owns 1,908 shares of the real estate investment trust’s stock worth $317,000 after purchasing an additional 68 shares during the period. Finally, Vestmark Advisory Solutions Inc. raised its stake in shares of Simon Property Group by 1.4% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 5,015 shares of the real estate investment trust’s stock worth $864,000 after buying an additional 70 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

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.