Simon Property Group, Inc. (NYSE:SPG) Receives Average Rating of “Moderate Buy” from Brokerages

Simon Property Group, Inc. (NYSE:SPG) has received an average rating of “Moderate Buy” from the eight research firms that are covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $140.22.

Several brokerages have issued reports on SPG. Morgan Stanley increased their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Piper Sandler increased their target price on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research note on Wednesday, December 20th. Truist Financial increased their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Tuesday, April 9th. Finally, The Goldman Sachs Group increased their target price on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, December 21st.

Hedge Funds Weigh In On Simon Property Group

Several large investors have recently added to or reduced their stakes in the company. Signet Financial Management LLC lifted its stake in Simon Property Group by 6.8% during the first quarter. Signet Financial Management LLC now owns 11,733 shares of the real estate investment trust’s stock worth $1,836,000 after purchasing an additional 749 shares during the last quarter. Aspiriant LLC bought a new position in Simon Property Group during the first quarter worth $1,139,000. Brookstone Capital Management lifted its stake in Simon Property Group by 9.6% during the first quarter. Brookstone Capital Management now owns 13,991 shares of the real estate investment trust’s stock worth $2,189,000 after purchasing an additional 1,230 shares during the last quarter. CFM Wealth Partners LLC bought a new position in Simon Property Group during the first quarter worth $595,000. Finally, Kingswood Wealth Advisors LLC lifted its stake in Simon Property Group by 83.6% during the first quarter. Kingswood Wealth Advisors LLC now owns 3,082 shares of the real estate investment trust’s stock worth $482,000 after purchasing an additional 1,403 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Stock Down 1.7 %

Shares of NYSE:SPG opened at $142.39 on Tuesday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group has a 52-week low of $100.17 and a 52-week high of $157.82. The company has a 50 day moving average of $149.67 and a two-hundred day moving average of $134.93. The company has a market capitalization of $46.40 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 7.60 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the business earned $3.15 EPS. The firm’s revenue was up 9.1% compared to the same quarter last year. As a group, analysts forecast that Simon Property Group will post 12.06 earnings per share for the current fiscal year.

Simon Property Group declared that its Board of Directors has initiated a stock buyback program on Thursday, February 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid a dividend of $1.95 per share. The ex-dividend date was Thursday, March 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a yield of 5.48%. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

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.