Simon Property Group, Inc. (SPG) PT Raised to $190.00
Simon Property Group, Inc. (NYSE:SPG) had its price objective boosted by research analysts at Barclays PLC from $188.00 to $190.00 in a research report issued on Tuesday. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Barclays PLC’s target price suggests a potential upside of 15.79% from the company’s current price.
Several other equities analysts also recently weighed in on the company. Boenning Scattergood set a $240.00 price objective on Simon Property Group and gave the company a “buy” rating in a research note on Wednesday, August 2nd. BidaskClub raised Simon Property Group from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Jefferies Group LLC reaffirmed a “buy” rating on shares of Simon Property Group in a research note on Tuesday, July 25th. Stifel Nicolaus began coverage on Simon Property Group in a research note on Friday, July 14th. They issued a “hold” rating and a $170.00 price objective for the company. Finally, Zacks Investment Research downgraded Simon Property Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $195.01.
Simon Property Group (NYSE:SPG) traded down 1.37% during mid-day trading on Tuesday, hitting $164.09. The stock had a trading volume of 1,387,796 shares. The stock has a 50-day moving average price of $160.11 and a 200 day moving average price of $168.14. The firm has a market cap of $51.01 billion, a P/E ratio of 29.24 and a beta of 0.58. Simon Property Group has a 12-month low of $150.15 and a 12-month high of $223.07.
Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.03. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the business posted $2.63 EPS. Simon Property Group’s quarterly revenue was up 3.5% on a year-over-year basis. Equities analysts anticipate that Simon Property Group will post $6.28 EPS for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in the company. DnB Asset Management AS raised its position in Simon Property Group by 13.2% in the first quarter. DnB Asset Management AS now owns 33,363 shares of the real estate investment trust’s stock valued at $5,739,000 after buying an additional 3,900 shares during the last quarter. Whitnell & Co. raised its position in Simon Property Group by 6.4% in the first quarter. Whitnell & Co. now owns 5,342 shares of the real estate investment trust’s stock valued at $919,000 after buying an additional 322 shares during the last quarter. Alpha Windward LLC raised its position in Simon Property Group by 4.1% in the first quarter. Alpha Windward LLC now owns 763 shares of the real estate investment trust’s stock valued at $131,000 after buying an additional 30 shares during the last quarter. Duff & Phelps Investment Management Co. raised its position in Simon Property Group by 12.8% in the first quarter. Duff & Phelps Investment Management Co. now owns 1,020,190 shares of the real estate investment trust’s stock valued at $175,503,000 after buying an additional 115,615 shares during the last quarter. Finally, Bank of The West raised its position in Simon Property Group by 7.7% in the first quarter. Bank of The West now owns 42,429 shares of the real estate investment trust’s stock valued at $7,299,000 after buying an additional 3,034 shares during the last quarter. 95.64% of the stock is owned by institutional investors.
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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