Brokerages Set Simon Property Group, Inc. (NYSE:SPG) Target Price at $162.78

Shares of Simon Property Group, Inc. (NYSE:SPG) have received a consensus recommendation of “Hold” from the nine brokerages that are covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $162.78.

A number of research firms recently commented on SPG. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial boosted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Scotiabank boosted their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Piper Sandler restated a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd.

Simon Property Group Stock Up 1.2 %

NYSE SPG opened at $172.52 on Friday. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The company’s 50 day simple moving average is $167.91 and its 200 day simple moving average is $155.70. Simon Property Group has a 12 month low of $104.24 and a 12 month high of $177.08. The company has a market capitalization of $56.23 billion, a P/E ratio of 21.98, a PEG ratio of 9.35 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates 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 quarter in the previous year, the firm earned $2.88 earnings per share. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. Equities research analysts expect that Simon Property Group will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a yield of 4.75%. Simon Property Group’s payout ratio is presently 104.46%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 8.50% of the stock is currently owned by insiders.

Institutional Trading of Simon Property Group

Several large investors have recently added to or reduced their stakes in SPG. Kingswood Wealth Advisors LLC grew its position in Simon Property Group by 83.6% in the first quarter. Kingswood Wealth Advisors LLC now owns 3,082 shares of the real estate investment trust’s stock worth $482,000 after acquiring an additional 1,403 shares in the last quarter. Brookstone Capital Management grew its position in Simon Property Group by 9.6% in the first quarter. Brookstone Capital Management now owns 13,991 shares of the real estate investment trust’s stock worth $2,189,000 after acquiring an additional 1,230 shares in the last quarter. Kathmere Capital Management LLC bought a new stake in Simon Property Group in the first quarter worth approximately $220,000. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Simon Property Group by 54.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 4,455 shares of the real estate investment trust’s stock worth $697,000 after buying an additional 1,576 shares during the period. Finally, Vicus Capital boosted its holdings in shares of Simon Property Group by 11.8% during the 1st quarter. Vicus Capital now owns 2,061 shares of the real estate investment trust’s stock worth $323,000 after buying an additional 217 shares during the period. 93.01% of the stock is owned by institutional investors.

Simon Property Group Company Profile

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.