BMO Capital Markets Lowers Simon Property Group to Market Perform (SPG)
Simon Property Group (NYSE:SPG) was downgraded by investment analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports.
A number of other firms have also recently commented on SPG. Analysts at Barclays reiterated an “overweight” rating on shares of Simon Property Group in a research note on Monday, August 11th. They now have a $204.00 price target on the stock, up previously from $199.00. Separately, analysts at Jefferies Group raised their price target on shares of Simon Property Group from $193.00 to $198.00 in a research note on Monday, August 4th. They now have a “buy” rating on the stock. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Simon Property Group in a research note on Tuesday, July 29th. They now have a $192.00 price target on the stock, up previously from $182.00. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $187.71.
Simon Property Group (NYSE:SPG) opened at 169.21 on Tuesday. Simon Property Group has a 1-year low of $134.026 and a 1-year high of $172.72. The stock’s 50-day moving average is $168.8 and its 200-day moving average is $161.7. The company has a market cap of $52.585 billion and a price-to-earnings ratio of 36.74.
Simon Property Group (NYSE:SPG) last released its earnings data on Wednesday, July 23rd. The company reported $2.16 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.13 by $0.03. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the company posted $2.11 earnings per share. Simon Property Group’s revenue was up 8.9% compared to the same quarter last year. On average, analysts predict that Simon Property Group will post $9.18 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Wednesday, August 13th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.22.
Simon Property Group, Inc(NYSE:SPG), is a self-administered and self-managed real estate investment trust (REIT).
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