Simon Property Group Stock Rating Reaffirmed by Zacks (SPG)
Simon Property Group (NYSE:SPG)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued to clients and investors on Monday, Analyst Ratings Net reports. They currently have a $168.00 price target on the stock. Zacks‘ price objective suggests a potential upside of 5.20% from the stock’s previous close.
Zacks‘ analyst wrote, “Simon Property came up with strong quarterly results. Aided by an increase in revenues and occupancy rate, the company’s third-quarter 2013 FFO per share surpassed the Zacks Consensus Estimate and the prior-year quarter figure. Moreover, the company also hiked its dividend and raised full-year FFO outlook, thereby boosting investors’ confidence. With assets in almost all retail distribution channels across the U.S., Simon Property is well poised to capitalize on improving market dynamics. Also, the company’s international presence gives it more sustainable long-term growth prospects than its domestically focused peers. This, in turn, is driving total sales per square foot and occupancy rate. In addition, releasing spreads remained positive in the U.S. malls and Premium Outlets. Yet, the company’s significant development pipeline increases its operational risks. Also, rise in consumer purchases through catalogs and the Internet could hurt the demand for its properties.”
A number of other analysts have also recently weighed in on SPG. Analysts at Jefferies Group reiterated a “buy” rating on shares of Simon Property Group in a research note to investors on Monday. They now have a $173.00 price target on the stock. Separately, analysts at Imperial Capital cut their price target on shares of Simon Property Group from $172.00 to $170.00 in a research note to investors on Monday. They now have an “in-line” rating on the stock. Finally, analysts at Credit Suisse initiated coverage on shares of Simon Property Group in a research note to investors on Thursday, September 19th. They set a “neutral” rating and a $165.00 price target on the stock. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $177.15.
Simon Property Group (NYSE:SPG) traded down 1.20% on Monday, hitting $157.79. The stock had a trading volume of 426,838 shares. Simon Property Group has a 52-week low of $143.20 and a 52-week high of $182.45. The stock’s 50-day moving average is $151.0 and its 200-day moving average is $162.8. The company has a market cap of $48.967 billion and a price-to-earnings ratio of 39.68.
Simon Property Group (NYSE:SPG) last announced its earnings results on Friday, October 25th. The company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.05. The company had revenue of $1.30 billion for the quarter. During the same quarter in the previous year, the company posted $1.99 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts predict that Simon Property Group will post $8.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Wednesday, November 13th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.15.
Simon Property Group, Inc(NYSE:SPG), is a self-administered and self-managed real estate investment trust (REIT).
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