Stifel Nicolaus Forecasts Strong Price Appreciation for Simon Property Group (NYSE:SPG) Stock

Simon Property Group (NYSE:SPG) had its target price hoisted by stock analysts at Stifel Nicolaus from $179.00 to $184.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Stifel Nicolaus’ target price suggests a potential upside of 4.05% from the stock’s current price.

SPG has been the subject of several other reports. Morgan Stanley lifted their price objective on Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. JPMorgan Chase & Co. lifted their price objective on Simon Property Group from $180.00 to $184.00 and gave the stock a “neutral” rating in a report on Friday, August 22nd. Piper Sandler raised their target price on Simon Property Group from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, September 18th. Scotiabank raised their target price on Simon Property Group from $163.00 to $173.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 28th. Finally, Evercore ISI raised their target price on Simon Property Group from $187.00 to $188.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th. Five equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and an average target price of $187.69.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $176.83 on Tuesday. Simon Property Group has a 1-year low of $136.34 and a 1-year high of $190.13. The business has a fifty day moving average price of $180.20 and a 200-day moving average price of $168.85. The company has a market capitalization of $57.73 billion, a PE ratio of 27.33, a PEG ratio of 12.73 and a beta of 1.50. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping the consensus estimate of $3.04 by $0.01. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned $2.90 EPS. Simon Property Group’s revenue for the quarter was up 13.9% on a year-over-year basis. As a group, equities analysts expect that Simon Property Group will post 12.54 EPS for the current fiscal year.

Insider Activity

In related news, Director Reuben S. Leibowitz acquired 464 shares of the stock in a transaction dated Tuesday, September 30th. The shares were purchased at an average cost of $185.95 per share, with a total value of $86,280.80. Following the transaction, the director directly owned 58,659 shares in the company, valued at approximately $10,907,641.05. This represents a 0.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Glyn Aeppel acquired 208 shares of the stock in a transaction dated Tuesday, September 30th. The shares were bought at an average cost of $185.95 per share, for a total transaction of $38,677.60. Following the completion of the transaction, the director owned 19,265 shares in the company, valued at approximately $3,582,326.75. This represents a 1.09% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 2,163 shares of company stock worth $401,605. 8.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Capital Advisors Inc. OK lifted its holdings in shares of Simon Property Group by 0.5% in the 2nd quarter. Capital Advisors Inc. OK now owns 393,756 shares of the real estate investment trust’s stock worth $63,300,000 after buying an additional 2,064 shares during the period. Nordea Investment Management AB lifted its stake in shares of Simon Property Group by 5.7% during the 2nd quarter. Nordea Investment Management AB now owns 29,781 shares of the real estate investment trust’s stock worth $4,731,000 after purchasing an additional 1,607 shares during the last quarter. MinichMacGregor Wealth Management LLC purchased a new stake in shares of Simon Property Group during the 2nd quarter worth $283,000. Focus Partners Wealth lifted its stake in shares of Simon Property Group by 89.0% during the 1st quarter. Focus Partners Wealth now owns 114,156 shares of the real estate investment trust’s stock worth $18,959,000 after purchasing an additional 53,764 shares during the last quarter. Finally, Inspire Investing LLC increased its position in Simon Property Group by 5.7% during the 1st quarter. Inspire Investing LLC now owns 32,259 shares of the real estate investment trust’s stock valued at $5,358,000 after buying an additional 1,750 shares in the last quarter. 93.01% of the stock is 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.