Simon Property Group, Inc. (SPG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Simon Property Group, Inc. (NYSE:SPG) from a hold rating to a sell rating in a report issued on Wednesday.

According to Zacks, “Shares of Simon Property underperformed the Zacks categorized REIT and Equity Trust – Retail industry over the last six months. Also, its second-quarter and full-year 2017 FFO per share estimates moved south over the past 30 days. Admittedly, increasing consumer purchases through the Internet has emerged as a pressing concern as it curtails the demand for retail real estate space, in turn, affecting occupancy and rent growth. But, recently, the company joined forces with health and lifestyle company, Life Time, for changing consumer experience at Southdale Center in Edina, with a planned athletic resort. Also, it intends to spend around $1 billion each in 2017 and 2018. While the company is striving to counter pressure from online sales through various efforts, the implementation of such moves requires a decent upfront cost and therefore, would limit any robust growth in its profit margins in the near term. Also, rate hike add to its woes.”

Several other analysts also recently weighed in on the company. Morgan Stanley restated an equal weight rating and set a $158.00 price objective (down from $180.00) on shares of Simon Property Group in a research report on Saturday, June 3rd. ValuEngine downgraded Simon Property Group from a buy rating to a hold rating in a research report on Friday, June 2nd. Mizuho upgraded Simon Property Group from a neutral rating to a buy rating and set a $178.00 price objective for the company in a research report on Tuesday, May 30th. Deutsche Bank AG upped their price objective on Simon Property Group from $188.00 to $191.00 and gave the stock a hold rating in a research report on Monday, May 22nd. Finally, Royal Bank Of Canada restated a hold rating and set a $182.00 price objective on shares of Simon Property Group in a research report on Thursday, May 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Simon Property Group currently has a consensus rating of Buy and an average target price of $204.37.

Simon Property Group (SPG) opened at 158.97 on Wednesday. Simon Property Group has a 12-month low of $150.15 and a 12-month high of $229.10. The company has a market capitalization of $49.63 billion, a PE ratio of 27.20 and a beta of 0.61. The company has a 50 day moving average price of $158.79 and a 200-day moving average price of $172.75.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share for the quarter, missing the consensus estimate of $2.76 by $0.02. Simon Property Group had a return on equity of 40.16% and a net margin of 34.99%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the prior year, the company earned $2.63 earnings per share. Simon Property Group’s quarterly revenue was up .7% compared to the same quarter last year. On average, analysts anticipate that Simon Property Group will post $6.52 EPS for the current year.

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The company also recently announced a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Wednesday, May 17th were given a $1.75 dividend. The ex-dividend date was Monday, May 15th. This represents a $7.00 annualized dividend and a yield of 4.40%. Simon Property Group’s dividend payout ratio is presently 119.66%.

In other news, Director Reuben S. Leibowitz bought 1,400 shares of the company’s stock in a transaction on Tuesday, March 28th. The stock was purchased at an average cost of $166.00 per share, for a total transaction of $232,400.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.42% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of SPG. Vanguard Group Inc. increased its position in shares of Simon Property Group by 2.1% in the first quarter. Vanguard Group Inc. now owns 45,481,675 shares of the real estate investment trust’s stock worth $7,824,213,000 after buying an additional 923,592 shares during the period. BlackRock Inc. increased its position in shares of Simon Property Group by 1,886.1% in the first quarter. BlackRock Inc. now owns 29,769,454 shares of the real estate investment trust’s stock worth $5,121,238,000 after buying an additional 28,270,599 shares during the period. State Street Corp increased its position in shares of Simon Property Group by 0.7% in the first quarter. State Street Corp now owns 18,280,079 shares of the real estate investment trust’s stock worth $3,144,722,000 after buying an additional 118,826 shares during the period. Bank of New York Mellon Corp increased its position in shares of Simon Property Group by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 5,730,284 shares of the real estate investment trust’s stock worth $985,781,000 after buying an additional 17,815 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Simon Property Group by 0.6% in the first quarter. Principal Financial Group Inc. now owns 5,569,998 shares of the real estate investment trust’s stock worth $958,623,000 after buying an additional 35,432 shares during the period. Institutional investors own 95.30% of the company’s stock.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “SPG”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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