Simon Property Group, Inc. (NYSE:SPG) Receives $140.22 Average PT from Analysts

Shares of Simon Property Group, Inc. (NYSE:SPG) have earned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $140.22.

A number of research analysts have issued reports on the stock. Piper Sandler raised their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a report on Wednesday, December 20th. Morgan Stanley raised their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Tuesday, April 9th. Evercore ISI raised their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Finally, The Goldman Sachs Group raised their target price on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, December 21st.

Institutional Trading of Simon Property Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC grew its position in Simon Property Group by 16.6% during the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after buying an additional 51,380 shares during the period. Nordea Investment Management AB grew its position in shares of Simon Property Group by 4.6% in the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after purchasing an additional 6,703 shares during the period. SG Americas Securities LLC grew its position in shares of Simon Property Group by 121.5% in the fourth quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after purchasing an additional 17,552 shares during the period. Cornerstone Wealth Management LLC acquired a new stake in shares of Simon Property Group in the fourth quarter valued at about $238,000. Finally, Invesco Ltd. grew its position in shares of Simon Property Group by 3.1% in the third quarter. Invesco Ltd. now owns 2,409,189 shares of the real estate investment trust’s stock valued at $260,265,000 after purchasing an additional 71,751 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Trading Down 1.4 %

NYSE:SPG opened at $144.81 on Tuesday. Simon Property Group has a 52 week low of $100.17 and a 52 week high of $157.82. The firm has a 50 day moving average of $149.56 and a 200 day moving average of $134.50. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock has a market capitalization of $47.19 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 7.71 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.15 EPS. As a group, sell-side analysts anticipate that Simon Property Group will post 12.06 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 5.39%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.

Simon Property Group announced that its board has approved a stock buyback plan on Thursday, February 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

About Simon Property Group

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.