Simon Property Group (NYSE:SPG) Rating Increased to Outperform at Evercore ISI

Evercore ISI upgraded shares of Simon Property Group (NYSE:SPG) from an in-line rating to an outperform rating in a research report report published on Monday morning, Marketbeat reports. The firm currently has $172.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $160.00.

Other research analysts have also issued reports about the company. Stifel Nicolaus reissued a hold rating and issued a $159.00 price target (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler reissued a neutral rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a neutral rating in a research report on Monday, August 19th. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a research report on Friday, August 16th. Finally, Scotiabank boosted their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a sector perform rating in a research report on Monday, August 26th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Simon Property Group currently has an average rating of Hold and an average target price of $162.78.

Simon Property Group Price Performance

Shares of SPG stock opened at $164.35 on Monday. Simon Property Group has a twelve month low of $102.11 and a twelve month high of $169.18. The stock has a market capitalization of $53.57 billion, a price-to-earnings ratio of 20.94, a P/E/G ratio of 8.97 and a beta of 1.74. The stock has a fifty day simple moving average of $158.49 and a two-hundred day simple moving average of $151.92. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

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

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.99%. The ex-dividend date is Monday, September 9th. Simon Property Group’s dividend payout ratio is currently 104.46%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz bought 486 shares of Simon Property Group stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Simon Property Group

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Simon Property Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after purchasing an additional 672,941 shares during the last quarter. Boston Partners grew its stake in Simon Property Group by 4.2% during the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after purchasing an additional 92,648 shares during the last quarter. Centersquare Investment Management LLC grew its stake in Simon Property Group by 4.5% during the 1st quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock valued at $283,905,000 after purchasing an additional 78,866 shares during the last quarter. PGGM Investments grew its stake in Simon Property Group by 1.9% during the 2nd quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock valued at $187,947,000 after purchasing an additional 23,186 shares during the last quarter. Finally, Sei Investments Co. grew its stake in Simon Property Group by 13.7% during the 4th quarter. Sei Investments Co. now owns 1,086,852 shares of the real estate investment trust’s stock valued at $155,030,000 after purchasing an additional 130,729 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.