Simon Property Group (NYSE:SPG) Rating Increased to Outperform at Evercore ISI

Simon Property Group (NYSE:SPG) was upgraded by equities researchers at Evercore ISI from an “in-line” rating to an “outperform” rating in a note issued to investors on Monday, MarketBeat Ratings reports. The firm presently has a $172.00 price target on the real estate investment trust’s stock, up from their previous price target of $160.00. Evercore ISI’s price target suggests a potential upside of 4.87% from the company’s current price.

Several other brokerages also recently weighed in on SPG. Argus increased their price target on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Mizuho increased their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Truist Financial boosted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Scotiabank increased their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Stock Up 0.2 %

Shares of NYSE:SPG opened at $164.02 on Monday. Simon Property Group has a 1-year low of $102.11 and a 1-year high of $169.18. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The stock has a market cap of $53.48 billion, a P/E ratio of 20.89, a P/E/G ratio of 8.97 and a beta of 1.74. The firm has a fifty day moving average price of $157.48 and a 200 day moving average price of $151.62.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.88 EPS. Sell-side analysts predict that Simon Property Group will post 12.85 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Simon Property Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Boston Partners boosted its position in shares of Simon Property Group by 4.2% in the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock worth $363,165,000 after acquiring an additional 92,648 shares during the last quarter. Centersquare Investment Management LLC grew its holdings in Simon Property Group by 4.5% in the first quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock valued at $283,905,000 after purchasing an additional 78,866 shares during the period. PGGM Investments increased its position in Simon Property Group by 1.9% during the second quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock worth $187,947,000 after purchasing an additional 23,186 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Simon Property Group by 13.7% during the fourth quarter. Sei Investments Co. now owns 1,086,852 shares of the real estate investment trust’s stock worth $155,030,000 after purchasing an additional 130,729 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Company Profile

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.