Simon Property Group Inc. (NYSE:SPG) has been given an average rating of “Buy” by the nineteen research firms that are currently covering the company. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $235.06.
SPG has been the subject of several recent analyst reports. RBC Capital Markets lowered Simon Property Group from an “outperform” rating to a “sector perform” rating and increased their price objective for the stock from $220.00 to $230.00 in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. BTIG Research initiated coverage on Simon Property Group in a research note on Thursday, August 25th. They set a “buy” rating and a $266.00 price objective for the company. Zacks Investment Research upgraded Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 price objective for the company in a research note on Tuesday, July 5th. Stifel Nicolaus increased their price objective on Simon Property Group from $232.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, August 1st. Finally, Vetr upgraded Simon Property Group from a “sell” rating to a “hold” rating and set a $232.00 price objective for the company in a research note on Tuesday, August 2nd.
In other Simon Property Group news, CFO Andrew Juster sold 7,000 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $215.68, for a total value of $1,509,760.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Steven K. Broadwater sold 945 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $215.41, for a total value of $203,562.45. Following the completion of the transaction, the senior vice president now directly owns 2,965 shares in the company, valued at approximately $638,690.65. The disclosure for this sale can be found here. 8.50% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in SPG. Dixon Hubard Feinour & Brown Inc. VA bought a new position in Simon Property Group during the first quarter valued at $206,000. Franklin Resources Inc. raised its position in Simon Property Group by 1.9% in the first quarter. Franklin Resources Inc. now owns 555,964 shares of the real estate investment trust’s stock valued at $115,468,000 after buying an additional 10,224 shares during the last quarter. BlackRock Group LTD raised its position in Simon Property Group by 5.2% in the first quarter. BlackRock Group LTD now owns 4,807,897 shares of the real estate investment trust’s stock valued at $998,552,000 after buying an additional 237,608 shares during the last quarter. BlackRock Fund Advisors raised its position in Simon Property Group by 1.8% in the first quarter. BlackRock Fund Advisors now owns 7,159,611 shares of the real estate investment trust’s stock valued at $1,486,980,000 after buying an additional 126,665 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in Simon Property Group by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 13,063,420 shares of the real estate investment trust’s stock valued at $2,713,142,000 after buying an additional 82,646 shares during the last quarter. 98.56% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Simon Property Group (NYSE:SPG) opened at 196.81 on Tuesday. Simon Property Group has a 12 month low of $176.11 and a 12 month high of $229.10. The firm has a 50-day moving average of $210.52 and a 200 day moving average of $209.69. The company has a market capitalization of $61.84 billion, a PE ratio of 34.96 and a beta of 0.75.
Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.01. Simon Property Group had a return on equity of 34.61% and a net margin of 34.03%. The firm earned $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the company posted $2.41 earnings per share. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities research analysts expect that Simon Property Group will post $10.86 earnings per share for the current fiscal year.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
Receive News & Ratings for Simon Property Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simon Property Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.