Simon Property Group (NYSE:SPG) Given Neutral Rating at Piper Sandler

Piper Sandler reissued their neutral rating on shares of Simon Property Group (NYSE:SPG) in a research report released on Tuesday morning, MarketBeat Ratings reports. They currently have a $175.00 price target on the real estate investment trust’s stock, down from their prior price target of $190.00.

SPG has been the topic of a number of other reports. StockNews.com upgraded Simon Property Group from a hold rating to a buy rating in a research report on Friday, August 16th. Mizuho increased their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a neutral rating in a research report on Monday, August 19th. Evercore ISI upped their price objective on Simon Property Group from $157.00 to $160.00 and gave the stock an in-line rating in a report on Wednesday, August 28th. Argus upped their price objective on Simon Property Group from $157.00 to $168.00 and gave the stock a buy rating in a report on Tuesday, June 11th. Finally, Stifel Nicolaus upped their price objective on Simon Property Group from $152.00 to $157.50 and gave the stock a buy rating in a report on Tuesday, August 6th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $161.28.

Simon Property Group Stock Up 0.2 %

NYSE SPG opened at $164.52 on Tuesday. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock’s 50 day moving average is $155.87 and its two-hundred day moving average is $151.13. The company has a market capitalization of $53.62 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 9.17 and a beta of 1.75. 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 posted its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business’s revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.88 EPS. Equities analysts forecast that Simon Property Group will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $2.05 dividend. The ex-dividend date is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.98%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is 104.46%.

Insider Activity

In related news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the purchase, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 8.50% of the stock is currently owned by company insiders.

Institutional Trading of Simon Property Group

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after buying an additional 672,941 shares in the last quarter. Norges Bank bought a new position in Simon Property Group during the 4th quarter worth about $2,561,181,000. Charles Schwab Investment Management Inc. increased its holdings in Simon Property Group by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock worth $504,611,000 after purchasing an additional 72,645 shares in the last quarter. Boston Partners increased its holdings in Simon Property Group by 4.2% during the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock worth $363,165,000 after purchasing an additional 92,648 shares in the last quarter. Finally, Centersquare Investment Management LLC increased its holdings in Simon Property Group by 4.5% during the 1st quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock worth $283,905,000 after purchasing an additional 78,866 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

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.