Brokerages Set Simon Property Group, Inc. (NYSE:SPG) Price Target at $165.44

Simon Property Group, Inc. (NYSE:SPG) has been given an average rating of “Hold” by the ten brokerages that are presently covering the stock, MarketBeat.com reports. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $168.40.

Several analysts recently weighed in on SPG shares. Piper Sandler reissued a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft began coverage on Simon Property Group in a research note on Tuesday. They issued a “hold” rating and a $195.00 price objective on the stock. Finally, StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th.

Simon Property Group Price Performance

Simon Property Group stock opened at $179.98 on Friday. The stock has a 50-day moving average price of $177.20 and a two-hundred day moving average price of $164.23. Simon Property Group has a 12 month low of $135.15 and a 12 month high of $186.00. The company has a market capitalization of $58.72 billion, a PE ratio of 23.97, a P/E/G ratio of 10.50 and a beta of 1.75. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the business earned $3.20 earnings per share. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. Analysts expect that Simon Property Group will post 12.76 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a yield of 4.67%. Simon Property Group’s dividend payout ratio is currently 111.85%.

Insiders Place Their Bets

In other news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of Simon Property Group

Several hedge funds have recently bought and sold shares of SPG. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Simon Property Group by 617.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,191,296 shares of the real estate investment trust’s stock worth $539,393,000 after buying an additional 2,746,503 shares during the last quarter. Smead Capital Management Inc. increased its position in shares of Simon Property Group by 3.5% during the third quarter. Smead Capital Management Inc. now owns 2,620,355 shares of the real estate investment trust’s stock worth $442,892,000 after acquiring an additional 88,378 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Simon Property Group by 1.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,487,897 shares of the real estate investment trust’s stock worth $251,484,000 after acquiring an additional 25,519 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in Simon Property Group by 373.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock valued at $212,906,000 after acquiring an additional 993,694 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. boosted its stake in Simon Property Group by 6.9% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,142,010 shares of the real estate investment trust’s stock valued at $193,023,000 after purchasing an additional 73,742 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

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.