Simon Property Group (SPG) Lifted to Hold at Zacks Investment Research

Simon Property Group (NYSE:SPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

According to Zacks, “Shares of Simon Property have outperformed the industry it belongs to in the past three months. Recently, it settled litigation with Starbucks over the Teavana store closure and this settlement removes the litigation overhang issue from Simon Property. Notably, in a bid to beat the retail blues, Simon Property is focused on offering a comprehensive digital experience to its customers. Further, to make its shopping malls more appealing, it is overhauling its properties and increasingly adopting omni-channel strategies. The company has also resorted to micro-retail modeling that offers store units ranging from 20-200 square feet of space. While Simon Property is putting in every effort to enhance the value of its assets, the implementation of such measures requires a decent upfront cost and therefore, would limit any robust growth in its profit margins in the near term. Also, rate hike have added to its woes.”

A number of other equities research analysts have also recently issued reports on the company. Raymond James Financial set a $185.00 price objective on Simon Property Group and gave the company a “buy” rating in a research note on Sunday, December 3rd. Mizuho set a $183.00 price objective on Simon Property Group and gave the company a “buy” rating in a research note on Sunday, October 29th. BMO Capital Markets set a $175.00 price objective on Simon Property Group and gave the company a “buy” rating in a research note on Friday, October 27th. Argus lowered their price objective on Simon Property Group from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Tuesday, October 31st. Finally, Boenning Scattergood set a $240.00 price objective on Simon Property Group and gave the company a “buy” rating in a research note on Monday, October 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $191.11.

Shares of Simon Property Group (NYSE:SPG) traded down $3.15 during trading hours on Friday, hitting $164.25. 1,947,500 shares of the company were exchanged, compared to its average volume of 1,695,208. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 5.57. The stock has a market cap of $52,550.00, a P/E ratio of 29.02, a P/E/G ratio of 2.09 and a beta of 0.62. Simon Property Group has a 52 week low of $150.15 and a 52 week high of $187.35.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Friday, October 27th. The real estate investment trust reported $2.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.88 by $0.01. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.39 billion. Simon Property Group had a net margin of 31.96% and a return on equity of 41.85%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.70 EPS. analysts predict that Simon Property Group will post 11.21 EPS for the current year.

In related news, CAO Steven K. Broadwater sold 621 shares of the company’s stock in a transaction that occurred on Saturday, December 29th. The shares were sold at an average price of $171.95, for a total value of $106,780.95. Following the transaction, the chief accounting officer now directly owns 2,290 shares in the company, valued at $393,765.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.42% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Capital World Investors increased its position in shares of Simon Property Group by 25.4% in the second quarter. Capital World Investors now owns 20,788,000 shares of the real estate investment trust’s stock worth $3,362,667,000 after purchasing an additional 4,210,000 shares during the last quarter. Cohen & Steers Inc. increased its position in shares of Simon Property Group by 6.2% in the third quarter. Cohen & Steers Inc. now owns 12,350,345 shares of the real estate investment trust’s stock worth $1,988,529,000 after purchasing an additional 719,375 shares during the last quarter. APG Asset Management US Inc. increased its position in shares of Simon Property Group by 3.2% in the third quarter. APG Asset Management US Inc. now owns 7,493,740 shares of the real estate investment trust’s stock worth $1,206,567,000 after purchasing an additional 235,200 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Simon Property Group by 13.5% in the third quarter. Bank of New York Mellon Corp now owns 6,628,178 shares of the real estate investment trust’s stock worth $1,067,204,000 after purchasing an additional 789,384 shares during the last quarter. Finally, Cbre Clarion Securities LLC increased its position in shares of Simon Property Group by 3.2% in the second quarter. Cbre Clarion Securities LLC now owns 5,139,428 shares of the real estate investment trust’s stock worth $831,354,000 after purchasing an additional 161,606 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

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Simon Property Group Company Profile

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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