Piper Sandler Reaffirms “Neutral” Rating for Simon Property Group (NYSE:SPG)

Piper Sandler reiterated their neutral rating on shares of Simon Property Group (NYSE:SPG) in a research report sent to investors on Tuesday, Marketbeat.com reports. They currently have a $175.00 price target on the real estate investment trust’s stock, down from their previous price target of $190.00.

SPG has been the topic of a number of other reports. Stifel Nicolaus raised their price objective on shares of Simon Property Group from $152.00 to $157.50 and gave the company a buy rating in a research note on Tuesday, August 6th. Argus lifted their price target on Simon Property Group from $157.00 to $168.00 and gave the company a buy rating in a research note on Tuesday, June 11th. Evercore ISI boosted their price objective on Simon Property Group from $157.00 to $160.00 and gave the stock an in-line rating in a report on Wednesday, August 28th. StockNews.com upgraded Simon Property Group from a hold rating to a buy rating in a report on Friday, August 16th. Finally, Mizuho upped their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a neutral rating in a report on Monday, August 19th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $161.28.

Simon Property Group Trading Down 0.5 %

SPG opened at $164.18 on Tuesday. The company has a fifty day moving average price of $155.62 and a two-hundred day moving average price of $151.03. Simon Property Group has a 1-year low of $102.11 and a 1-year high of $169.18. The company has a market cap of $53.51 billion, a P/E ratio of 20.91, a price-to-earnings-growth ratio of 9.17 and a beta of 1.75. 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 posted its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the company posted $2.88 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. Analysts predict that Simon Property Group will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.99%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is presently 104.46%.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SPG. Diligent Investors LLC lifted its holdings 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 during the last quarter. Augustine Asset Management Inc. lifted its stake in shares of Simon Property Group by 3.8% during the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 68 shares in the last quarter. TIAA Trust National Association boosted its holdings in Simon Property Group by 3.7% in the 1st quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after buying an additional 69 shares during the period. Inspire Advisors LLC boosted its holdings in Simon Property Group by 1.7% in the 1st quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock worth $646,000 after buying an additional 70 shares during the period. Finally, Mark Asset Management LP grew its stake in Simon Property Group by 0.9% in the 2nd quarter. Mark Asset Management LP now owns 8,095 shares of the real estate investment trust’s stock valued at $1,229,000 after buying an additional 72 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

About Simon Property Group

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.