Scotiabank Cuts Simon Property Group (NYSE:SPG) Price Target to $221.00

Simon Property Group (NYSE:SPG) had its target price trimmed by Scotiabank from $222.00 to $221.00 in a report published on Thursday morning, MarketBeat Ratings reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

SPG has been the topic of several other research reports. JPMorgan Chase & Co. upped their price objective on Simon Property Group from $210.00 to $217.00 and gave the company a “neutral” rating in a research note on Monday, June 1st. Bank of America lifted their target price on Simon Property Group from $225.00 to $236.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. LADENBURG THALM/SH SH boosted their target price on Simon Property Group from $250.00 to $275.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft cut Simon Property Group from a “buy” rating to a “hold” rating and set a $220.00 price target on the stock. in a research note on Thursday, July 9th. Finally, Mizuho raised their price target on Simon Property Group from $211.00 to $226.00 and gave the company a “neutral” rating in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $228.36.

Simon Property Group Stock Performance

Shares of SPG opened at $205.16 on Thursday. The company has a market cap of $66.38 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 3.09 and a beta of 1.28. The firm has a 50-day moving average of $218.96 and a 200-day moving average of $208.82. Simon Property Group has a one year low of $172.19 and a one year high of $238.50. The company has a debt-to-equity ratio of 5.19, a current ratio of 1.05 and a quick ratio of 1.05.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 10th. The real estate investment trust reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.15). Simon Property Group had a net margin of 66.56% and a return on equity of 89.32%. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the company posted $1.70 earnings per share. The firm’s revenue for the quarter was up 19.5% compared to the same quarter last year. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. As a group, equities analysts forecast that Simon Property Group will post 13.23 earnings per share for the current year.

Simon Property Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 9th will be given a dividend of $2.25 per share. The ex-dividend date is Wednesday, September 9th. This represents a $9.00 annualized dividend and a yield of 4.4%. Simon Property Group’s dividend payout ratio (DPR) is 63.47%.

Insider Activity at Simon Property Group

In other news, Director Marta R. Stewart bought 182 shares of the stock in a transaction dated Tuesday, June 30th. The shares were bought at an average price of $223.16 per share, for a total transaction of $40,615.12. Following the completion of the purchase, the director owned 18,000 shares in the company, valued at approximately $4,016,880. This trade represents a 1.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Glyn Aeppel purchased 243 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The shares were purchased at an average cost of $223.36 per share, with a total value of $54,276.48. Following the completion of the acquisition, the director owned 21,067 shares in the company, valued at $4,705,525.12. The trade was a 1.17% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 2,387 shares of company stock valued at $533,056. Insiders own 8.73% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPG. BlackRock Inc. boosted its position in shares of Simon Property Group by 1.2% in the second quarter. BlackRock Inc. now owns 37,269,192 shares of the real estate investment trust’s stock valued at $8,335,255,000 after acquiring an additional 455,543 shares during the period. Geode Capital Management LLC raised its stake in Simon Property Group by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 10,572,677 shares of the real estate investment trust’s stock worth $1,950,967,000 after purchasing an additional 363,337 shares in the last quarter. Wellington Management Group LLP raised its stake in Simon Property Group by 2.7% in the 2nd quarter. Wellington Management Group LLP now owns 9,390,325 shares of the real estate investment trust’s stock worth $2,100,146,000 after purchasing an additional 242,709 shares in the last quarter. Capital World Investors boosted its holdings in Simon Property Group by 2.7% in the 4th quarter. Capital World Investors now owns 8,610,404 shares of the real estate investment trust’s stock valued at $1,593,872,000 after purchasing an additional 226,271 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Simon Property Group by 6.1% in the 1st quarter. Bank of America Corp DE now owns 8,503,133 shares of the real estate investment trust’s stock valued at $1,586,089,000 after purchasing an additional 491,519 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Company Profile

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust that owns, develops and operates premier shopping, dining, entertainment and mixed-use destinations. Its portfolio includes regional malls, premium outlet centers and The Mills properties, serving consumers and retail tenants through a range of high-quality commercial properties.

The company generates revenue primarily by leasing retail and commercial space to national, regional and local retailers, restaurants and other businesses.