Simon Property Group PT Lowered to $182.00 (SPG)
Investment analysts at Deutsche Bank reduced their price target on shares of Simon Property Group (NYSE:SPG) from $192.00 to $182.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the stock. Deutsche Bank’s price objective points to a potential upside of 10.11% from the company’s current price.
The analysts wrote, “On 5/28/14, SPG announced the completion of the spin-off of Washington Prime Group Inc. (WPG: DB not rated) as an independent public company, with regular way trading starting on 5/29/14. This morning, as expected, SPG provided updated 2014 and 2Q14 FFO guidance to reflect the impact of the spin-off. 2014 guidance is now $8.96-$9.06 versus $9.60-$9.70 previously. Included in guidance are 10c of associated transaction charges. 2Q14 FFO/sh is expected to be $2.10-$2.12. The dilution from the spin out is consistent with our expectations based on pro-forma data provided in prior SEC filings. “As we indicated in our note dated 12/13/13, we do not view the spin-out as inherently value-creative, but believe SPG’s post-spin growth profile and increased focus on its remaining mall business could benefit cash flow growth over time and act as a catalyst that highlights the underappreciated value in the shares. With our positive outlook for SPG unchanged, we reiterate our Buy rating.”
A number of other firms have also recently commented on SPG. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Simon Property Group in a research note on Thursday. They now have a $182.00 price target on the stock, down previously from $193.00. Separately, analysts at ING Group cut their price target on shares of Simon Property Group from $175.00 to $165.00 in a research note on Thursday. Finally, analysts at Imperial Capital cut their price target on shares of Simon Property Group from $175.00 to $165.00 in a research note on Thursday. They now have an “in-line” rating on the stock. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $183.67.
Shares of Simon Property Group (NYSE:SPG) opened at 165.29 on Friday. Simon Property Group has a one year low of $134.026 and a one year high of $166.801. The stock’s 50-day moving average is $162.7 and its 200-day moving average is $151.1. The company has a market cap of $51.349 billion and a P/E ratio of 37.35.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, April 22nd. The company reported $2.38 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.24 by $0.14. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the company posted $2.05 earnings per share. Simon Property Group’s revenue was up 8.2% compared to the same quarter last year. On average, analysts predict that Simon Property Group will post $9.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Wednesday, May 14th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.25.
Simon Property Group, Inc(NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT).
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