Simon Property Group, Inc. (SPG) Upgraded to “Buy” at Zacks Investment Research
Simon Property Group, Inc. (NYSE:SPG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $182.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.72% from the stock’s current price.
According to Zacks, “Simon Property recently announced the ground breaking of Denver Premium Outlets. The company also opened The Shops — a 500,000-square-foot upscale mixed-use development situated in Clearfork. Notably, the company has a diversified exposure to retail assets in the United States and abroad. Although, there is pressure from escalating Internet sales, the company is making concerted efforts to restructure its portfolio as well as upgrade services and amenities provided to its customers. The company has a healthy balance sheet and is taking initiatives to support omni-channel retailing. Such efforts augur well for long term growth. Further, shares of Simon Property have outperformed the industry it belongs to, over the past three months. Also, the Zacks Consensus Estimate for current-year funds from operations (FFO) per share remained unchanged in a month’s time.”
Other equities research analysts have also recently issued reports about the stock. Goldman Sachs Group, Inc. (The) raised shares of Simon Property Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $175.00 to $185.00 in a research report on Tuesday, June 20th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Simon Property Group in a report on Tuesday, July 25th. BMO Capital Markets assumed coverage on shares of Simon Property Group in a report on Monday, September 11th. They issued an “outperform” rating and a $175.00 target price for the company. Stifel Nicolaus set a $170.00 target price on shares of Simon Property Group and gave the company a “hold” rating in a report on Sunday, August 27th. Finally, BidaskClub raised shares of Simon Property Group from a “sell” rating to a “hold” rating in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. Simon Property Group currently has a consensus rating of “Buy” and an average price target of $193.07.
Shares of Simon Property Group (SPG) traded up 1.141% on Wednesday, reaching $164.769. The company had a trading volume of 889,170 shares. The company’s 50 day moving average price is $159.56 and its 200-day moving average price is $161.51. The stock has a market capitalization of $51.22 billion, a P/E ratio of 28.166 and a beta of 0.60. Simon Property Group has a 1-year low of $150.15 and a 1-year high of $199.85.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.44 by $0.03. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.37 billion. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.63 earnings per share. Equities analysts predict that Simon Property Group will post $6.35 EPS for the current year.
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Several hedge funds have recently modified their holdings of SPG. BlackRock Inc. raised its stake in shares of Simon Property Group by 1,886.1% in the 1st quarter. BlackRock Inc. now owns 29,769,454 shares of the real estate investment trust’s stock valued at $5,121,238,000 after acquiring an additional 28,270,599 shares during the period. Capital World Investors grew its holdings in Simon Property Group by 25.4% during the 2nd quarter. Capital World Investors now owns 20,788,000 shares of the real estate investment trust’s stock valued at $3,362,667,000 after purchasing an additional 4,210,000 shares in the last quarter. Vanguard Group Inc. grew its holdings in Simon Property Group by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 45,481,675 shares of the real estate investment trust’s stock valued at $7,824,213,000 after purchasing an additional 923,592 shares in the last quarter. Eaton Vance Management grew its holdings in Simon Property Group by 110.5% during the 2nd quarter. Eaton Vance Management now owns 1,545,545 shares of the real estate investment trust’s stock valued at $250,007,000 after purchasing an additional 811,457 shares in the last quarter. Finally, Uniplan Investment Counsel Inc. grew its holdings in Simon Property Group by 118.1% during the 2nd quarter. Uniplan Investment Counsel Inc. now owns 1,318,807 shares of the real estate investment trust’s stock valued at $88,381,000 after purchasing an additional 714,159 shares in the last quarter. 94.95% of the stock is currently 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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