Simon Property Group Inc (SPG) Receives Average Recommendation of “Buy” from Brokerages

Simon Property Group Inc (NYSE:SPG) has been given a consensus rating of “Buy” by the twenty-one brokerages that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $191.62.

A number of equities analysts recently weighed in on SPG shares. Boenning Scattergood reissued a “buy” rating and set a $240.00 price objective on shares of Simon Property Group in a report on Thursday, February 1st. ValuEngine cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Zacks Investment Research cut Simon Property Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Stifel Nicolaus reissued a “hold” rating and set a $170.00 price objective on shares of Simon Property Group in a report on Thursday, October 12th. Finally, Barclays reissued a “buy” rating and set a $190.00 price objective on shares of Simon Property Group in a report on Wednesday, January 31st.

In related news, CAO Steven K. Broadwater sold 621 shares of Simon Property Group stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $171.95, for a total transaction of $106,780.95. Following the sale, the chief accounting officer now directly owns 2,290 shares in the company, valued at $393,765.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.42% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cohen & Steers Inc. boosted its position in shares of Simon Property Group by 6.2% during the third quarter. Cohen & Steers Inc. now owns 12,350,345 shares of the real estate investment trust’s stock valued at $1,988,529,000 after purchasing an additional 719,375 shares in the last quarter. APG Asset Management US Inc. boosted its position in shares of Simon Property Group by 0.3% during the fourth quarter. APG Asset Management US Inc. now owns 7,517,948 shares of the real estate investment trust’s stock valued at $1,291,132,000 after purchasing an additional 24,208 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Simon Property Group by 13.5% during the third quarter. Bank of New York Mellon Corp now owns 6,628,178 shares of the real estate investment trust’s stock valued at $1,067,204,000 after purchasing an additional 789,384 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Simon Property Group by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 4,460,741 shares of the real estate investment trust’s stock worth $718,227,000 after acquiring an additional 21,676 shares in the last quarter. Finally, PGGM Investments boosted its holdings in Simon Property Group by 2.3% in the third quarter. PGGM Investments now owns 3,637,334 shares of the real estate investment trust’s stock worth $585,647,000 after acquiring an additional 83,093 shares in the last quarter. Institutional investors own 47.57% of the company’s stock.

Shares of Simon Property Group (SPG) traded up $5.02 during midday trading on Friday, reaching $157.20. The company’s stock had a trading volume of 3,211,319 shares, compared to its average volume of 2,102,644. Simon Property Group has a fifty-two week low of $150.15 and a fifty-two week high of $187.35. The company has a current ratio of 1.75, a quick ratio of 0.93 and a debt-to-equity ratio of 5.87. The company has a market cap of $48,690.00, a P/E ratio of 25.19, a P/E/G ratio of 1.97 and a beta of 0.55.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $3.12 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $3.12. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.45 billion. Simon Property Group had a return on equity of 44.93% and a net margin of 35.14%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the company posted $1.26 EPS. equities research analysts predict that Simon Property Group will post 12 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Wednesday, February 14th will be given a dividend of $1.95 per share. The ex-dividend date is Tuesday, February 13th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.85. This represents a $7.80 annualized dividend and a dividend yield of 4.96%. Simon Property Group’s payout ratio is currently 118.59%.

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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.

Analyst Recommendations for Simon Property Group (NYSE:SPG)

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