Simon Property Group, Inc. (NYSE:SPG) Receives $128.90 Average PT from Analysts

Simon Property Group, Inc. (NYSE:SPG) has earned a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $128.90.

Several research firms recently commented on SPG. JPMorgan Chase & Co. dropped their price target on Simon Property Group from $125.00 to $124.00 and set a “neutral” rating for the company in a research report on Tuesday, August 29th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Tuesday, October 31st. Truist Financial decreased their price objective on shares of Simon Property Group from $130.00 to $125.00 and set a “hold” rating for the company in a research note on Tuesday, August 29th. Finally, Stifel Nicolaus decreased their price objective on shares of Simon Property Group from $139.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, October 31st.

Simon Property Group Trading Up 1.0 %

SPG opened at $121.68 on Friday. The firm has a market cap of $39.70 billion, a P/E ratio of 18.03, a P/E/G ratio of 6.91 and a beta of 1.58. Simon Property Group has a 12 month low of $100.17 and a 12 month high of $133.08. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 7.40. The stock has a 50-day moving average of $111.01 and a 200 day moving average of $112.70.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 6.25%. The ex-dividend date of this dividend is Thursday, December 7th. Simon Property Group’s dividend payout ratio is presently 112.59%.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 580 shares of Simon Property Group stock in a transaction that occurred on Friday, September 29th. The stock was bought at an average price of $110.04 per share, with a total value of $63,823.20. Following the completion of the purchase, the director now directly owns 49,727 shares of the company’s stock, valued at approximately $5,471,959.08. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Simon Property Group news, Director Reuben S. Leibowitz acquired 580 shares of Simon Property Group stock in a transaction that occurred on Friday, September 29th. The stock was bought at an average price of $110.04 per share, with a total value of $63,823.20. Following the completion of the purchase, the director now directly owns 49,727 shares of the company’s stock, valued at approximately $5,471,959.08. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian J. Mcdade acquired 359 shares of Simon Property Group stock in a transaction that occurred on Friday, September 29th. The stock was acquired at an average cost of $109.19 per share, with a total value of $39,199.21. Following the purchase, the chief financial officer now directly owns 25,741 shares of the company’s stock, valued at $2,810,659.79. The disclosure for this purchase can be found here. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

A number of large investors have recently made changes to their positions in the business. Cohen & Steers Inc. increased its position in shares of Simon Property Group by 8.2% during the second quarter. Cohen & Steers Inc. now owns 24,433,430 shares of the real estate investment trust’s stock worth $2,821,452,000 after purchasing an additional 1,852,099 shares in the last quarter. Geode Capital Management LLC grew its position in Simon Property Group by 10.4% during the 1st quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock worth $910,337,000 after purchasing an additional 765,146 shares during the period. Cowa LLC acquired a new stake in Simon Property Group during the 1st quarter worth about $107,000. Norges Bank acquired a new stake in Simon Property Group during the 4th quarter worth about $807,887,000. Finally, Morgan Stanley grew its position in Simon Property Group by 6.9% during the 4th quarter. Morgan Stanley now owns 6,500,305 shares of the real estate investment trust’s stock worth $763,656,000 after purchasing an additional 421,554 shares during the period. 84.73% of the stock is owned by institutional investors and hedge funds.

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.