Simon Property Group (NYSE:SPG) Upgraded to Outperform by Evercore ISI

Evercore ISI upgraded shares of Simon Property Group (NYSE:SPG) from an in-line rating to an outperform rating in a research report sent to investors on Monday, MarketBeat.com reports. Evercore ISI currently has $172.00 target price on the real estate investment trust’s stock, up from their previous target price of $160.00.

Several other research firms have also commented on SPG. Mizuho raised their price target 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. Scotiabank raised their price target on shares of 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. Stifel Nicolaus restated a hold rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Argus raised their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the company a buy rating in a research report on Tuesday, June 11th. Finally, Piper Sandler reiterated a neutral rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $162.78.

Simon Property Group Trading Up 1.6 %

Shares of Simon Property Group stock opened at $167.05 on Monday. 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 firm has a fifty day moving average price of $158.86 and a 200 day moving average price of $152.03. Simon Property Group has a 1 year low of $102.11 and a 1 year high of $169.18. The stock has a market cap of $54.46 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 9.04 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.88 EPS. 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 announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $2.05 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date is Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 4.91%. Simon Property Group’s dividend payout ratio (DPR) is 104.46%.

Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were purchased at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the transaction, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 8.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Simon Property Group

A number of institutional investors and hedge funds have recently bought and sold shares of SPG. Clearstead Trust LLC acquired a new position in Simon Property Group during the first quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new position in Simon Property Group during the second quarter worth about $25,000. EntryPoint Capital LLC purchased a new position in Simon Property Group during the first quarter worth about $26,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group during the second quarter worth about $27,000. Finally, Cape Investment Advisory Inc. raised its stake in Simon Property Group by 3,200.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 192 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

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.