Simon Property Group, Inc. (NYSE:SPG) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Simon Property Group, Inc. (NYSE:SPG) have received a consensus rating of “Hold” from the nine analysts that are currently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $165.44.

A number of equities analysts have commented on the stock. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Mizuho lifted their target price on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Piper Sandler restated 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. Finally, Scotiabank upped their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th.

Simon Property Group Trading Up 1.4 %

Shares of NYSE:SPG opened at $179.60 on Friday. Simon Property Group has a 52-week low of $135.15 and a 52-week high of $186.00. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. The company has a market capitalization of $58.60 billion, a P/E ratio of 23.91, a price-to-earnings-growth ratio of 10.33 and a beta of 1.75. The company has a 50-day simple moving average of $176.65 and a 200 day simple moving average of $163.67.

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

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is presently 111.85%.

Insider Activity

In related news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 1.09 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Simon Property Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wetzel Investment Advisors Inc. bought a new position in shares of Simon Property Group in the second quarter worth $27,000. RFP Financial Group LLC lifted its position in Simon Property Group by 727.3% during the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 160 shares during the period. Capital Performance Advisors LLP acquired a new stake in Simon Property Group during the third quarter worth about $30,000. Trivant Custom Portfolio Group LLC bought a new position in Simon Property Group in the 3rd quarter valued at about $42,000. Finally, Eastern Bank bought a new position in Simon Property Group in the 3rd quarter valued at about $42,000. 93.01% of the stock is owned by institutional investors and hedge funds.

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.