Simon Property Group (NYSE:SPG) Upgraded by StockNews.com to “Buy” Rating

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

Several other brokerages have also recently issued reports on SPG. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and increased their price objective for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective on the stock. Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Scotiabank set a $186.00 target price on Simon Property Group in a report on Friday, February 28th. Finally, Mizuho upped their target price on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $180.33.

Simon Property Group Trading Down 1.4 %

Shares of SPG traded down $2.33 during mid-day trading on Friday, reaching $162.12. 3,094,006 shares of the company’s stock traded hands, compared to its average volume of 1,343,116. The stock has a market cap of $52.90 billion, a P/E ratio of 22.33, a P/E/G ratio of 10.10 and a beta of 1.78. The stock’s 50-day moving average is $176.11 and its two-hundred day moving average is $174.30. Simon Property Group has a 12 month low of $139.25 and a 12 month high of $190.14. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last released its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Research analysts forecast that Simon Property Group will post 12.54 earnings per share for the current fiscal year.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 465 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was purchased at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the acquisition, the director now owns 55,919 shares in the company, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB purchased a new position in Simon Property Group in the 3rd quarter worth $834,000. First Hawaiian Bank raised its stake in Simon Property Group by 35.0% in the 4th quarter. First Hawaiian Bank now owns 5,294 shares of the real estate investment trust’s stock worth $912,000 after acquiring an additional 1,372 shares during the last quarter. Versant Capital Management Inc raised its stake in Simon Property Group by 72.8% in the 4th quarter. Versant Capital Management Inc now owns 999 shares of the real estate investment trust’s stock worth $172,000 after acquiring an additional 421 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in Simon Property Group by 0.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 587,933 shares of the real estate investment trust’s stock worth $101,130,000 after acquiring an additional 3,990 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new position in Simon Property Group in the 4th quarter worth $416,000. 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.