Simon Property Group (NYSE:SPG) Price Target Raised to $147.00

Simon Property Group (NYSE:SPGFree Report) had its target price boosted by Truist Financial from $139.00 to $147.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a hold rating on the real estate investment trust’s stock.

Several other analysts have also commented on SPG. The Goldman Sachs Group increased their target price on shares of Simon Property Group from $144.00 to $161.00 and gave the company a buy rating in a research note on Thursday, December 21st. StockNews.com upgraded shares of Simon Property Group from a hold rating to a buy rating in a report on Friday, January 19th. Morgan Stanley boosted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an equal weight rating in a report on Monday, February 26th. Evercore ISI boosted their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an in-line rating in a report on Wednesday, February 28th. Finally, Piper Sandler boosted their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the company an overweight rating in a report on Wednesday, December 20th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group presently has an average rating of Moderate Buy and an average price target of $140.22.

Get Our Latest Analysis on Simon Property Group

Simon Property Group Price Performance

NYSE SPG opened at $151.86 on Friday. The company has a 50-day moving average price of $146.91 and a two-hundred day moving average price of $130.78. The stock has a market cap of $49.49 billion, a price-to-earnings ratio of 21.76, a price-to-earnings-growth ratio of 7.98 and a beta of 1.65. Simon Property Group has a 52 week low of $100.17 and a 52 week high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPGGet Free Report) last issued its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.15 earnings per share. Analysts forecast that Simon Property Group will post 12.04 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 5.14%. The ex-dividend date of this dividend is Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is currently 111.75%.

Simon Property Group declared that its board has authorized a stock buyback plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. increased its stake in shares of Simon Property Group by 1.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock worth $741,000 after purchasing an additional 77 shares during the last quarter. Cascade Investment Group Inc. increased its stake in shares of Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after purchasing an additional 80 shares during the last quarter. Salem Investment Counselors Inc. increased its stake in shares of Simon Property Group by 16.6% during the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 80 shares during the last quarter. Schechter Investment Advisors LLC increased its stake in shares of Simon Property Group by 2.4% during the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after purchasing an additional 81 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC increased its stake in shares of Simon Property Group by 1.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock worth $794,000 after purchasing an additional 83 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

About Simon Property Group

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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.

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