Mizuho Cuts Simon Property Group (NYSE:SPG) Price Target to $169.00

Simon Property Group (NYSE:SPG) had its price target reduced by Mizuho from $182.00 to $169.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently weighed in on SPG. Scotiabank reduced their price target on shares of Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Stifel Nicolaus lifted their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Wall Street Zen cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. JPMorgan Chase & Co. reduced their price target on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Finally, Piper Sandler reduced their price target on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, May 23rd. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Simon Property Group has a consensus rating of “Hold” and a consensus target price of $179.00.

Simon Property Group Stock Performance

Shares of Simon Property Group stock opened at $158.62 on Tuesday. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. The firm has a market cap of $51.78 billion, a P/E ratio of 21.85, a P/E/G ratio of 10.10 and a beta of 1.47. The firm has a 50 day simple moving average of $157.45 and a 200 day simple moving average of $168.73. Simon Property Group has a fifty-two week low of $136.34 and a fifty-two week high of $190.14.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the business earned $3.56 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Sell-side analysts predict that Simon Property Group will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, June 9th. This represents a $8.40 annualized dividend and a dividend yield of 5.30%. Simon Property Group’s dividend payout ratio is presently 133.76%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Simon Property Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust’s stock valued at $7,588,195,000 after buying an additional 267,503 shares during the last quarter. Norges Bank bought a new stake in Simon Property Group in the 4th quarter valued at about $2,059,505,000. Geode Capital Management LLC boosted its holdings in Simon Property Group by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock valued at $1,577,600,000 after purchasing an additional 230,982 shares during the period. Northern Trust Corp boosted its holdings in Simon Property Group by 1.8% in the 1st quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust’s stock valued at $923,236,000 after purchasing an additional 96,126 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Simon Property Group by 3.0% in the 1st quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust’s stock valued at $805,853,000 after purchasing an additional 141,657 shares during the period. Institutional investors and hedge funds 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.