Simon Property Group Inc (SPG) Rating Reiterated by Deutsche Bank AG
Simon Property Group Inc (NYSE:SPG)‘s stock had its “hold” rating reaffirmed by stock analysts at Deutsche Bank AG in a research report issued on Monday. They presently have a $191.00 price target on the real estate investment trust’s stock, up from their prior price target of $188.00. Deutsche Bank AG’s price objective points to a potential upside of 20.99% from the company’s previous close.
SPG has been the subject of a number of other research reports. BTIG Research reiterated a “buy” rating and issued a $231.00 price target on shares of Simon Property Group in a research note on Monday, April 3rd. Zacks Investment Research lowered Simon Property Group from a “hold” rating to a “sell” rating in a research note on Monday, March 27th. Barclays PLC reiterated an “overweight” rating and issued a $191.00 price target (down previously from $200.00) on shares of Simon Property Group in a research note on Monday, May 15th. Royal Bank of Canada reiterated a “hold” rating and issued a $182.00 price target on shares of Simon Property Group in a research note on Thursday. Finally, Goldman Sachs Group Inc lowered Simon Property Group from a “buy” rating to a “neutral” rating and cut their price target for the stock from $207.00 to $185.00 in a research note on Friday, March 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $212.55.
Simon Property Group (NYSE:SPG) traded down 0.37% during trading on Monday, hitting $157.29. The stock had a trading volume of 538,600 shares. Simon Property Group has a 52-week low of $152.09 and a 52-week high of $229.10. The company has a market cap of $49.11 billion, a price-to-earnings ratio of 26.91 and a beta of 0.60. The company has a 50-day moving average price of $166.96 and a 200-day moving average price of $176.42.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.76 by $0.02. Simon Property Group had a return on equity of 39.00% and a net margin of 35.11%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the previous year, the company posted $2.63 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. Equities research analysts forecast that Simon Property Group will post $6.51 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Wednesday, May 17th will be paid a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 4.43%. The ex-dividend date is Monday, May 15th. Simon Property Group’s payout ratio is currently 119.25%.
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In other news, Director Reuben S. Leibowitz acquired 1,400 shares of the firm’s stock in a transaction on Tuesday, March 28th. The stock was acquired at an average price of $166.00 per share, with a total value of $232,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 8.50% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the company. Brookfield Asset Management Inc. increased its stake in shares of Simon Property Group by 28.0% in the fourth quarter. Brookfield Asset Management Inc. now owns 2,264,105 shares of the real estate investment trust’s stock valued at $402,264,000 after buying an additional 495,300 shares during the last quarter. Waratah Capital Advisors Ltd. purchased a new stake in shares of Simon Property Group during the fourth quarter valued at about $7,240,000. Commerzbank Aktiengesellschaft FI increased its stake in shares of Simon Property Group by 167.4% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 4,685 shares of the real estate investment trust’s stock valued at $832,000 after buying an additional 2,933 shares during the last quarter. Gradient Investments LLC increased its stake in shares of Simon Property Group by 21.1% in the first quarter. Gradient Investments LLC now owns 31,876 shares of the real estate investment trust’s stock valued at $5,484,000 after buying an additional 5,560 shares during the last quarter. Finally, Payden & Rygel increased its stake in shares of Simon Property Group by 24.4% in the third quarter. Payden & Rygel now owns 93,960 shares of the real estate investment trust’s stock valued at $19,451,000 after buying an additional 18,400 shares during the last quarter. 97.40% of the stock is owned by institutional investors and hedge funds.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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