Simon Property Group (NYSE:SPG) PT Raised to $169.00 at Scotiabank

Simon Property Group (NYSE:SPG) had its price objective increased by Scotiabank from $152.00 to $169.00 in a research report sent to investors on Monday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Other research analysts have also recently issued research reports about the stock. Mizuho upped their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company a neutral rating in a research report on Monday, August 19th. StockNews.com raised shares of Simon Property Group from a hold rating to a buy rating in a research note on Friday, August 16th. Argus lifted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a buy rating in a report on Tuesday, June 11th. Stifel Nicolaus increased their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a buy rating in a research report on Tuesday, August 6th. Finally, Evercore ISI lifted their price objective on shares of Simon Property Group from $150.00 to $155.00 and gave the company an in-line rating in a report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Simon Property Group currently has an average rating of Moderate Buy and a consensus price target of $160.94.

Simon Property Group Stock Down 1.3 %

Shares of NYSE SPG opened at $165.50 on Monday. The company has a market capitalization of $53.94 billion, a P/E ratio of 21.08, a P/E/G ratio of 8.58 and a beta of 1.75. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The company has a 50 day simple moving average of $153.51 and a 200-day simple moving average of $150.24. Simon Property Group has a 1 year low of $102.11 and a 1 year high of $169.18.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the company posted $2.88 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. On average, equities research analysts predict that Simon Property Group will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $2.05 per share. The ex-dividend date of this dividend is Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.95%. Simon Property Group’s payout ratio is currently 104.46%.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the purchase, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Simon Property Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Lighthouse Investment Partners LLC purchased a new position in Simon Property Group in the fourth quarter valued at $5,706,000. Corient Private Wealth LLC raised its position in shares of Simon Property Group by 97.8% during the 4th quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust’s stock worth $10,708,000 after acquiring an additional 37,108 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Simon Property Group by 3.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 510,682 shares of the real estate investment trust’s stock worth $71,541,000 after purchasing an additional 15,251 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Simon Property Group by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after purchasing an additional 3,626 shares in the last quarter. Finally, Napa Wealth Management purchased a new position in Simon Property Group in the fourth quarter valued at approximately $3,151,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

About Simon Property Group

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.