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.
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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