Simon Property Group (NYSE:SPG) PT Raised to $200.00 at Piper Sandler

Simon Property Group (NYSE:SPG) had its target price raised by Piper Sandler from $180.00 to $200.00 in a research report report published on Wednesday, The Fly reports. Piper Sandler currently has an overweight rating on the real estate investment trust’s stock.

A number of other brokerages have also recently issued reports on SPG. TheStreet raised shares of Simon Property Group from a c+ rating to a b rating in a report on Thursday, September 30th. Evercore ISI lifted their price target on Simon Property Group from $164.00 to $168.00 and gave the company an outperform rating in a report on Tuesday, November 2nd. Compass Point lifted their price target on Simon Property Group from $175.00 to $200.00 and gave the company a buy rating in a report on Tuesday, November 2nd. BTIG Research lifted their price target on Simon Property Group from $125.00 to $177.00 and gave the company a buy rating in a report on Friday, August 27th. Finally, Morgan Stanley lifted their price target on Simon Property Group from $170.00 to $180.00 and gave the company an overweight rating in a report on Wednesday, November 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $153.67.

Shares of NYSE SPG opened at $169.03 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 6.68. The firm’s 50-day moving average price is $147.41 and its two-hundred day moving average price is $135.62. Simon Property Group has a 52-week low of $82.02 and a 52-week high of $171.12. The stock has a market capitalization of $55.55 billion, a P/E ratio of 27.40, a P/E/G ratio of 1.62 and a beta of 1.50.

Simon Property Group (NYSE:SPG) last issued its earnings results on Sunday, October 31st. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.47 by ($0.70). Simon Property Group had a return on equity of 53.12% and a net margin of 41.00%. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the business earned $2.05 EPS. The business’s revenue was up 22.2% on a year-over-year basis. As a group, equities research analysts expect that Simon Property Group will post 11.68 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Friday, December 10th will be issued a dividend of $1.65 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Thursday, December 9th. This represents a $6.60 annualized dividend and a yield of 3.90%. Simon Property Group’s payout ratio is presently 97.24%.

In other news, major shareholder Simon Property Group Inc /De/ bought 512,820 shares of the company’s stock in a transaction that occurred on Tuesday, October 12th. The shares were purchased at an average price of $18.00 per share, with a total value of $9,230,760.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 8.49% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of SPG. Hoylecohen LLC grew its position in Simon Property Group by 5.4% in the first quarter. Hoylecohen LLC now owns 45,419 shares of the real estate investment trust’s stock worth $5,167,000 after buying an additional 2,338 shares during the last quarter. Ameritas Investment Company LLC acquired a new position in Simon Property Group in the first quarter worth approximately $25,000. Glenmede Trust Co. NA grew its position in Simon Property Group by 4.1% during the 1st quarter. Glenmede Trust Co. NA now owns 4,008 shares of the real estate investment trust’s stock worth $455,000 after purchasing an additional 159 shares in the last quarter. Tudor Investment Corp Et Al purchased a new position in Simon Property Group during the 1st quarter worth approximately $759,000. Finally, Eaton Vance Management grew its position in Simon Property Group by 9.4% during the 1st quarter. Eaton Vance Management now owns 73,414 shares of the real estate investment trust’s stock worth $8,352,000 after purchasing an additional 6,296 shares in the last quarter. Hedge funds and other institutional investors own 85.88% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc operates as a self-administered and self-managed real estate investment trust. It owns, develops and manages retail real estate properties which primarily consist of regional malls, premium outlets and mills. Simon Property Group specializes in the ownership, development, management, leasing, acquisition and expansion of income-producing retail real estate assets.

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