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

Shares of Simon Property Group, Inc. (NYSE:SPG) have earned an average rating of “Hold” from the nine ratings firms that are currently covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $162.78.

SPG has been the topic of a number of recent research reports. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial raised their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $160.00 to $172.00 in a report on Monday, September 16th. Scotiabank upped their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd.

Simon Property Group Price Performance

NYSE SPG opened at $167.51 on Tuesday. Simon Property Group has a one year low of $103.36 and a one year high of $170.87. The stock has a 50-day moving average of $162.34 and a 200 day moving average of $153.35. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market capitalization of $54.61 billion, a price-to-earnings ratio of 21.34, a PEG ratio of 9.23 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly 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). The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.88 earnings per share. On average, sell-side analysts forecast that Simon Property Group will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were paid a dividend of $2.05 per share. This represents a $8.20 annualized dividend and a yield of 4.90%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date was Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 8.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SPG. Lighthouse Investment Partners LLC purchased a new position in Simon Property Group during the 4th quarter worth $5,706,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Simon Property Group by 11.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after purchasing an additional 3,626 shares during the last quarter. Napa Wealth Management purchased a new stake in Simon Property Group in the 4th quarter valued at $3,151,000. Aspiriant LLC acquired a new stake in Simon Property Group during the first quarter worth about $1,139,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Simon Property Group by 333.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 24,531 shares of the real estate investment trust’s stock worth $3,839,000 after buying an additional 18,872 shares during the period. 93.01% of the stock is currently 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.