Simon Property Group Inc (NYSE:SPG) Receives Consensus Recommendation of “Hold” from Brokerages

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Shares of Simon Property Group Inc (NYSE:SPG) have been given an average rating of “Hold” by the eighteen brokerages that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $87.00.

SPG has been the topic of several research reports. Citigroup lowered their price objective on shares of Simon Property Group from $147.00 to $49.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. BMO Capital Markets initiated coverage on shares of Simon Property Group in a research report on Tuesday, July 21st. They set a “hold” rating and a $65.00 price objective on the stock. ValuEngine upgraded shares of Simon Property Group from a “strong sell” rating to a “sell” rating in a research report on Friday, June 5th. Bank of America cut shares of Simon Property Group from a “buy” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research report on Tuesday, April 14th. Finally, Compass Point assumed coverage on shares of Simon Property Group in a research report on Thursday, June 4th. They issued a “buy” rating and a $120.00 target price on the stock.

NYSE SPG opened at $62.35 on Tuesday. Simon Property Group has a 1 year low of $42.25 and a 1 year high of $164.46. The company has a debt-to-equity ratio of 11.16, a current ratio of 3.60 and a quick ratio of 3.60. The stock has a market capitalization of $19.98 billion, a PE ratio of 9.65, a P/E/G ratio of 1.23 and a beta of 1.34. The company’s 50 day simple moving average is $66.14 and its two-hundred day simple moving average is $85.01.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, May 11th. The real estate investment trust reported $1.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.90 by ($1.47). The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Simon Property Group had a net margin of 35.20% and a return on equity of 68.08%. The business’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.78 EPS. On average, research analysts anticipate that Simon Property Group will post 10.36 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 10th were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 8.34%. The ex-dividend date was Thursday, July 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 43.19%.

In other news, Director Glyn Aeppel purchased 1,000 shares of the business’s stock in a transaction on Friday, May 15th. The shares were acquired at an average price of $50.50 per share, with a total value of $50,500.00. Following the acquisition, the director now directly owns 8,317 shares in the company, valued at $420,008.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 8.93% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in SPG. Cohen & Steers Inc. grew its holdings in Simon Property Group by 100.0% in the 1st quarter. Cohen & Steers Inc. now owns 16,116,221 shares of the real estate investment trust’s stock worth $884,136,000 after acquiring an additional 8,059,066 shares during the last quarter. Capital World Investors grew its holdings in Simon Property Group by 30.6% in the 1st quarter. Capital World Investors now owns 25,737,216 shares of the real estate investment trust’s stock worth $1,411,946,000 after acquiring an additional 6,025,630 shares during the last quarter. Norges Bank bought a new stake in shares of Simon Property Group during the 4th quarter valued at about $517,908,000. State of Michigan Retirement System boosted its stake in shares of Simon Property Group by 2,232.0% during the 1st quarter. State of Michigan Retirement System now owns 1,730,298 shares of the real estate investment trust’s stock valued at $94,924,000 after purchasing an additional 1,656,100 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Simon Property Group by 69.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,811,177 shares of the real estate investment trust’s stock valued at $154,221,000 after purchasing an additional 1,147,717 shares in the last quarter. 90.14% of the stock is currently owned by institutional investors and hedge funds.

About Simon Property Group

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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Analyst Recommendations for Simon Property Group (NYSE:SPG)

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