Simon Property Group (NYSE:SPG) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Simon Property Group (NYSE:SPG) from a hold rating to a buy rating in a research note released on Thursday.

Other equities analysts also recently issued reports about the stock. Evercore ISI boosted their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an in-line rating in a research note on Wednesday, February 28th. The Goldman Sachs Group lifted their price target on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a buy rating in a research report on Thursday, December 21st. Morgan Stanley lifted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an equal weight rating in a research report on Monday, February 26th. Piper Sandler lifted their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the stock an overweight rating in a research report on Wednesday, December 20th. Finally, Truist Financial lifted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a research report on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $140.22.

Simon Property Group Trading Down 0.4 %

Shares of NYSE SPG opened at $140.36 on Thursday. Simon Property Group has a 1-year low of $100.17 and a 1-year high of $157.82. The company has a market cap of $45.74 billion, a PE ratio of 20.11, a P/E/G ratio of 7.39 and a beta of 1.65. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The company has a 50-day moving average of $149.49 and a two-hundred day moving average of $135.23.

Simon Property Group (NYSE:SPG) last announced its 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). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the firm posted $3.15 earnings per share. The company’s revenue was up 9.1% on a year-over-year basis. As a group, equities analysts expect that Simon Property Group will post 12.06 earnings per share for the current fiscal year.

Simon Property Group announced that its Board of Directors has approved a stock buyback plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 5.56%. The ex-dividend date was Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is presently 111.75%.

Institutional Investors Weigh In On Simon Property Group

Several large investors have recently bought and sold shares of SPG. AMI Investment Management Inc. increased its stake in Simon Property Group by 1.2% in the first quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock valued at $2,312,000 after purchasing an additional 204 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of Simon Property Group by 9.8% during the first quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust’s stock worth $544,000 after acquiring an additional 371 shares in the last quarter. Blair William & Co. IL increased its position in shares of Simon Property Group by 56.8% during the first quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust’s stock worth $7,271,000 after acquiring an additional 20,022 shares in the last quarter. Prudential PLC bought a new stake in shares of Simon Property Group during the first quarter worth $642,000. Finally, Dakota Wealth Management bought a new stake in shares of Simon Property Group during the first quarter worth $390,000. 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.