Simon Property Group (NYSE:SPG) Stock Rating Upgraded by StockNews.com

Simon Property Group (NYSE:SPG) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Thursday.

A number of other equities analysts have also recently issued reports on SPG. Piper Sandler raised their target price on Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a report on Wednesday, December 20th. Morgan Stanley raised their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Evercore ISI raised their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Truist Financial raised their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Finally, The Goldman Sachs Group raised their target price on Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, December 21st. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Price Performance

Simon Property Group stock opened at $140.90 on Thursday. The business’s 50-day simple moving average is $149.56 and its 200 day simple moving average is $135.19. The stock has a market cap of $45.92 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 7.47 and a beta of 1.65. Simon Property Group has a 12-month low of $100.17 and a 12-month high of $157.82. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. Simon Property Group’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.15 EPS. As a group, research analysts anticipate that Simon Property Group will post 12.06 earnings per share for the current year.

Simon Property Group announced that its board has approved a share buyback program on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Simon Property Group

A number of hedge funds have recently modified their holdings of the business. Cornerstone Wealth Group LLC acquired a new stake in Simon Property Group in the 1st quarter valued at approximately $3,214,000. Vicus Capital raised its position in Simon Property Group by 11.8% in the 1st quarter. Vicus Capital now owns 2,061 shares of the real estate investment trust’s stock valued at $323,000 after buying an additional 217 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its position in Simon Property Group by 54.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 4,455 shares of the real estate investment trust’s stock valued at $697,000 after buying an additional 1,576 shares during the last quarter. First Dallas Securities Inc. raised its position in Simon Property Group by 13.3% in the 1st quarter. First Dallas Securities Inc. now owns 3,400 shares of the real estate investment trust’s stock valued at $532,000 after buying an additional 400 shares during the last quarter. Finally, Kathmere Capital Management LLC acquired a new stake in Simon Property Group in the 1st quarter valued at approximately $220,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Company Profile

Simon is a real estate investment trust engaged 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.