Simon Property Group (NYSE:SPG) PT Raised to $152.00 at Scotiabank

Simon Property Group (NYSE:SPG) had its price target increased by Scotiabank from $142.00 to $152.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

SPG has been the topic of a number of other reports. StockNews.com upgraded Simon Property Group from a hold rating to a buy rating in a research report on Thursday, April 18th. Evercore ISI raised their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an in-line rating in a research report on Wednesday, February 28th. Morgan Stanley boosted their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the company an equal weight rating in a research report on Monday, February 26th. Finally, Truist Financial raised their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Simon Property Group presently has a consensus rating of Moderate Buy and an average price target of $141.40.

Simon Property Group Stock Up 0.1 %

Shares of SPG opened at $148.79 on Thursday. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. The stock has a market capitalization of $48.50 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 7.71 and a beta of 1.68. Simon Property Group has a 1 year low of $100.17 and a 1 year high of $157.82. The business’s 50 day simple moving average is $147.78 and its 200-day simple moving average is $141.33.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the company earned $2.74 EPS. Simon Property Group’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, equities analysts expect that Simon Property Group will post 12.87 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 5.38%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend is Friday, June 7th. Simon Property Group’s payout ratio is 99.36%.

Simon Property Group declared that its Board of Directors has approved a share buyback program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Simon Property Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Clearstead Trust LLC purchased a new position in Simon Property Group during the 1st quarter worth $25,000. Selway Asset Management purchased a new position in shares of Simon Property Group during the third quarter valued at $26,000. EntryPoint Capital LLC bought a new stake in shares of Simon Property Group in the first quarter valued at about $26,000. Cape Investment Advisory Inc. lifted its stake in Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 192 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Simon Property Group during the 3rd quarter worth about $33,000. Institutional investors own 93.01% of the company’s stock.

About Simon Property Group

Simon is a real estate investment trust engaged 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.