Simon Property Group (NYSE:SPG) Downgraded by StockNews.com

StockNews.com lowered shares of Simon Property Group (NYSE:SPG) from a buy rating to a hold rating in a research note published on Thursday.

SPG has been the subject of several other reports. Piper Sandler reiterated a neutral rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Stifel Nicolaus restated a hold rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Truist Financial raised their price objective on shares of 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 raised their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a neutral rating in a research report on Monday, August 19th. Finally, Evercore ISI upgraded shares of Simon Property Group from an in-line rating to an outperform rating and raised their price objective for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $162.78.

Simon Property Group Trading Up 1.8 %

Shares of NYSE:SPG opened at $170.78 on Thursday. Simon Property Group has a 52-week low of $104.05 and a 52-week high of $171.51. The company has a market capitalization of $55.66 billion, a P/E ratio of 21.76, a price-to-earnings-growth ratio of 9.27 and a beta of 1.74. The company has a 50-day simple moving average of $163.88 and a 200 day simple moving average of $153.91. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

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 (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the business posted $2.88 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. Sell-side analysts forecast that Simon Property Group will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were paid a $2.05 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 4.80%. The ex-dividend date was Monday, September 9th. Simon Property Group’s payout ratio is 104.46%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the purchase, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Diligent Investors LLC raised its position in Simon Property Group by 0.5% during the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after purchasing an additional 68 shares in the last quarter. Augustine Asset Management Inc. raised its position in Simon Property Group by 3.8% during the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after purchasing an additional 68 shares in the last quarter. TIAA Trust National Association raised its position in Simon Property Group by 3.7% during the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after purchasing an additional 69 shares in the last quarter. Inspire Advisors LLC raised its position in Simon Property Group by 1.7% during the first quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock valued at $646,000 after purchasing an additional 70 shares in the last quarter. Finally, Mark Asset Management LP increased its holdings in shares of Simon Property Group by 0.9% during the second quarter. Mark Asset Management LP now owns 8,095 shares of the real estate investment trust’s stock worth $1,229,000 after buying an additional 72 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Company Profile

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.