Simon Property Group (NYSE:SPG) Receives Hold Rating from Stifel Nicolaus

Stifel Nicolaus reaffirmed their hold rating on shares of Simon Property Group (NYSE:SPG) in a report issued on Thursday, Marketbeat reports. The firm currently has a $159.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $157.50.

Several other equities research analysts also recently issued reports on SPG. StockNews.com upgraded Simon Property Group from a hold rating to a buy rating in a report on Friday, August 16th. Mizuho boosted their price objective 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. Argus boosted their price objective on Simon Property Group from $157.00 to $168.00 and gave the stock a buy rating in a research report on Tuesday, June 11th. Truist Financial boosted their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a hold rating in a research report on Wednesday, August 28th. Finally, Scotiabank boosted their price objective 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. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $161.44.

Simon Property Group Trading Up 0.2 %

Shares of Simon Property Group stock opened at $163.74 on Thursday. The stock has a fifty day simple moving average of $157.12 and a 200 day simple moving average of $151.49. Simon Property Group has a 12-month low of $102.11 and a 12-month high of $169.18. The company has a market capitalization of $53.39 billion, a P/E ratio of 20.86, a price-to-earnings-growth ratio of 8.95 and a beta of 1.74. 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 announced its quarterly 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 return on equity of 78.14% and a net margin of 45.90%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the company posted $2.88 EPS. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Simon Property Group will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date of this dividend is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is currently 104.46%.

Insider Activity

In other news, Director Reuben S. Leibowitz purchased 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were purchased at an average price 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 $8,259,500.17. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Diligent Investors LLC lifted its position in shares of Simon Property Group by 0.5% during the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after buying an additional 68 shares during the last quarter. Augustine Asset Management Inc. raised 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 purchasing an additional 68 shares during the period. TIAA Trust National Association raised its stake in shares of Simon Property Group by 3.7% during the 1st 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 during the period. Inspire Advisors LLC raised its stake in shares of Simon Property Group by 1.7% during the 1st 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 during the period. Finally, Mark Asset Management LP raised its stake in shares of Simon Property Group by 0.9% during 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 purchasing an additional 72 shares during the period. Hedge funds and other 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.