Simon Property Group (NYSE:SPG) Stock Rating Reaffirmed by Piper Sandler

Simon Property Group (NYSE:SPG)‘s stock had its “neutral” rating reaffirmed by investment analysts at Piper Sandler in a note issued to investors on Tuesday, Marketbeat reports. They currently have a $175.00 target price on the real estate investment trust’s stock, down from their prior target price of $190.00. Piper Sandler’s target price suggests a potential upside of 6.01% from the company’s previous close.

A number of other brokerages also recently commented on SPG. Truist Financial lifted their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Mizuho boosted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Evercore ISI raised their price objective on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Argus boosted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Finally, Scotiabank increased their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $161.28.

Simon Property Group Stock Up 0.7 %

NYSE SPG opened at $165.08 on Tuesday. The business has a fifty day moving average price of $155.33 and a 200 day moving average price of $150.94. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market cap of $53.81 billion, a P/E ratio of 21.03, a P/E/G ratio of 9.17 and a beta of 1.75. Simon Property Group has a one year low of $102.11 and a one year high of $169.18.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the company earned $2.88 earnings per share. Research analysts anticipate that Simon Property Group will post 12.85 EPS for the current fiscal year.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the transaction, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 8.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SPG. Clearstead Trust LLC acquired a new stake in Simon Property Group during the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC purchased a new position in Simon Property Group in the second quarter valued at $25,000. EntryPoint Capital LLC acquired a new position in Simon Property Group during the 1st quarter worth $26,000. Wetzel Investment Advisors Inc. purchased a new stake in Simon Property Group during the 2nd quarter worth about $27,000. Finally, Cape Investment Advisory Inc. raised its position in Simon Property Group by 3,200.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 192 shares in the last quarter. Hedge funds and other institutional investors 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.