Simon Property Group (NYSE:SPG) Price Target Raised to $169.00 at Scotiabank

Simon Property Group (NYSE:SPG) had its target price lifted by Scotiabank from $152.00 to $169.00 in a research note released on Monday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Several other analysts have also weighed in on the stock. Argus lifted their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a buy rating in a research note on Tuesday, June 11th. StockNews.com raised shares of Simon Property Group from a hold rating to a buy rating in a research note on Friday, August 16th. Stifel Nicolaus increased their price objective on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a buy rating in a research report on Tuesday, August 6th. Mizuho boosted their target price on Simon Property Group from $155.00 to $158.00 and gave the company a neutral rating in a research report on Monday, August 19th. Finally, Evercore ISI upped their price target on Simon Property Group from $150.00 to $155.00 and gave the stock an in-line rating in a research note on Tuesday, August 6th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $155.65.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $167.36 on Monday. The company has a market capitalization of $54.55 billion, a PE ratio of 21.32, a P/E/G ratio of 8.58 and a beta of 1.75. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group has a twelve month low of $102.11 and a twelve month high of $168.09. The firm has a fifty day simple moving average of $152.67 and a 200 day simple moving average of $149.97.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period last year, the business posted $2.88 earnings per share. The business’s revenue was up 4.8% on a year-over-year basis. On average, sell-side analysts forecast that Simon Property Group will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.90%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is 104.46%.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 486 shares of Simon Property Group stock in a transaction dated Friday, June 28th. The stock was purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the purchase, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Clearstead Trust LLC bought a new stake in Simon Property Group during the first quarter worth $25,000. EntryPoint Capital LLC bought a new stake in shares of Simon Property Group during the 1st quarter worth $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Simon Property Group in the 2nd quarter worth about $25,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Simon Property Group in the 2nd quarter worth about $27,000. Finally, Pathway Financial Advisers LLC bought a new position in Simon Property Group during the first quarter valued at about $29,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Company Profile

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.