Simon Property Group (SPG) Hits New 52-Week High on Analyst Upgrade

Simon Property Group Inc (NYSE:SPG)’s share price reached a new 52-week high on Tuesday after Citigroup raised their price target on the stock from $190.00 to $200.00. Citigroup currently has a buy rating on the stock. Simon Property Group traded as high as $188.06 and last traded at $187.68, with a volume of 84502 shares trading hands. The stock had previously closed at $180.86.

SPG has been the subject of several other research reports. Bank of America increased their price objective on shares of Simon Property Group from $193.00 to $203.00 and gave the company a “buy” rating in a research report on Monday, September 10th. Jefferies Financial Group reiterated a “$170.72” rating and set a $194.00 price objective on shares of Simon Property Group in a research report on Wednesday, July 18th. Scotiabank started coverage on shares of Simon Property Group in a research report on Tuesday, October 16th. They set a “sector perform” rating for the company. Argus increased their price objective on shares of Simon Property Group to $200.00 and gave the company a “buy” rating in a research report on Thursday, October 11th. Finally, Zacks Investment Research upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $197.00 price objective for the company in a research report on Thursday, October 4th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $195.42.

In other Simon Property Group news, insider John Rulli sold 1,330 shares of the stock in a transaction on Monday, August 6th. The shares were sold at an average price of $177.05, for a total transaction of $235,476.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 8.64% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in SPG. Principal Financial Group Inc. lifted its holdings in shares of Simon Property Group by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 6,096,513 shares of the real estate investment trust’s stock worth $940,997,000 after acquiring an additional 185,668 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Simon Property Group by 19.6% in the 1st quarter. LPL Financial LLC now owns 10,840 shares of the real estate investment trust’s stock worth $1,673,000 after acquiring an additional 1,780 shares during the last quarter. WINTON GROUP Ltd lifted its holdings in shares of Simon Property Group by 33.3% in the 1st quarter. WINTON GROUP Ltd now owns 3,240 shares of the real estate investment trust’s stock worth $500,000 after acquiring an additional 810 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Simon Property Group by 70.0% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 2,500 shares of the real estate investment trust’s stock worth $386,000 after acquiring an additional 1,029 shares during the last quarter. Finally, Cardinal Capital Management Inc. lifted its holdings in shares of Simon Property Group by 15.6% in the 2nd quarter. Cardinal Capital Management Inc. now owns 91,395 shares of the real estate investment trust’s stock worth $15,555,000 after acquiring an additional 12,305 shares during the last quarter. Hedge funds and other institutional investors own 92.72% of the company’s stock.

The firm has a market capitalization of $57.58 billion, a PE ratio of 16.75, a PEG ratio of 2.47 and a beta of 0.53. The company has a debt-to-equity ratio of 6.14, a quick ratio of 1.13 and a current ratio of 1.12.

Simon Property Group (NYSE:SPG) last released its earnings results on Thursday, October 25th. The real estate investment trust reported $1.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.73 by $0.07. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.42 billion. Simon Property Group had a net margin of 40.83% and a return on equity of 57.87%. As a group, equities analysts forecast that Simon Property Group Inc will post 12.12 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $8.00 dividend on an annualized basis and a yield of 4.26%. Simon Property Group’s payout ratio is 71.36%.

Simon Property Group Company Profile (NYSE:SPG)

Simon is a global leader 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.

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