Wells Fargo & Co Lowers Simon Property Group (SPG) to Market Weight

Simon Property Group (NYSE:SPG) was downgraded by equities researchers at Wells Fargo & Co from an “overweight” rating to a “market weight” rating in a research note issued on Friday, The Fly reports.

Other research analysts have also issued reports about the stock. Raymond James raised their price objective on shares of Simon Property Group from $185.00 to $190.00 and gave the stock an “outperform” rating in a report on Monday, October 29th. BMO Capital Markets reissued a “buy” rating and set a $191.00 price objective on shares of Simon Property Group in a report on Friday, February 1st. Deutsche Bank set a $191.00 price objective on shares of Simon Property Group and gave the stock a “hold” rating in a report on Friday, November 30th. Argus raised their price objective on shares of Simon Property Group to $200.00 and gave the stock a “buy” rating in a report on Thursday, October 11th. Finally, Citigroup raised their price objective on shares of Simon Property Group from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, October 30th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $194.33.

SPG opened at $185.85 on Friday. The firm has a market cap of $58.91 billion, a P/E ratio of 15.32, a PEG ratio of 2.88 and a beta of 0.59. Simon Property Group has a twelve month low of $145.78 and a twelve month high of $191.49. The company has a quick ratio of 1.12, a current ratio of 0.97 and a debt-to-equity ratio of 6.21.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Friday, February 1st. The real estate investment trust reported $3.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.24 by ($0.01). The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. Simon Property Group had a net margin of 43.11% and a return on equity of 63.21%. Simon Property Group’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.84 earnings per share. Equities analysts forecast that Simon Property Group will post 12.39 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Simon Property Group by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 45,741,576 shares of the real estate investment trust’s stock valued at $7,399,158,000 after purchasing an additional 259,901 shares during the last quarter. BlackRock Inc. raised its stake in Simon Property Group by 1.2% during the 2nd quarter. BlackRock Inc. now owns 30,623,068 shares of the real estate investment trust’s stock valued at $5,211,739,000 after purchasing an additional 350,087 shares during the last quarter. Capital World Investors raised its stake 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 during the last quarter. Cohen & Steers Inc. raised its stake in Simon Property Group by 12.0% during the 2nd quarter. Cohen & Steers Inc. now owns 20,623,882 shares of the real estate investment trust’s stock valued at $4,473,320,000 after purchasing an additional 2,211,682 shares during the last quarter. Finally, State Street Corp raised its stake in Simon Property Group by 0.7% during the 1st quarter. State Street Corp now owns 18,280,079 shares of the real estate investment trust’s stock valued at $3,144,722,000 after purchasing an additional 118,826 shares during the last quarter. 92.85% of the stock is currently owned by hedge funds and other institutional investors.

About Simon Property Group

Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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