Simon Property Group Inc (SPG) Raised to Purchase at Mizuho

Simon Property Group Inc (SPG) Raised to Purchase at Mizuho

Mizuho upgraded shares of Simon Property Group Inc (NYSE:SPG) from a neutral rating to a buy rating in a research report report published on Tuesday. Mizuho currently has $178.00 target price on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the stock. Barclays PLC lowered their price objective on shares of Simon Property Group from $206.00 to $200.00 and set an overweight rating on the stock in a research note on Wednesday, April 19th. Jefferies Group LLC reissued a buy rating and issued a $210.00 target price on shares of Simon Property Group in a research report on Monday, April 17th. Zacks Investment Research downgraded shares of Simon Property Group from a hold rating to a sell rating in a research report on Wednesday, April 12th. Royal Bank of Canada reissued a hold rating and issued a $182.00 target price on shares of Simon Property Group in a research report on Thursday, May 18th. Finally, BTIG Research reissued a buy rating and issued a $231.00 target price on shares of Simon Property Group in a research report on Monday, April 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $207.93.

Shares of Simon Property Group (NYSE:SPG) opened at 154.83 on Tuesday. The company has a 50-day moving average of $163.40 and a 200 day moving average of $174.96. The firm has a market cap of $48.34 billion, a P/E ratio of 26.49 and a beta of 0.60. Simon Property Group has a 12-month low of $152.09 and a 12-month high of $229.10.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.76 by $0.02. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.36 billion. Simon Property Group had a return on equity of 39.00% and a net margin of 35.11%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.63 EPS. Equities research analysts anticipate that Simon Property Group will post $6.53 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Wednesday, May 17th were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 4.52%. The ex-dividend date was Monday, May 15th. Simon Property Group’s dividend payout ratio is currently 119.25%.

In related news, Director Reuben S. Leibowitz purchased 1,400 shares of the firm’s stock in a transaction that occurred on Tuesday, March 28th. The stock was acquired at an average cost of $166.00 per share, for a total transaction of $232,400.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.50% of the company’s stock.

Several hedge funds have recently bought and sold shares of SPG. KBC Group NV boosted its stake in Simon Property Group by 11.5% in the third quarter. KBC Group NV now owns 229,600 shares of the real estate investment trust’s stock valued at $47,530,000 after buying an additional 23,649 shares in the last quarter. Walter & Keenan Financial Consulting Co. MI ADV boosted its stake in Simon Property Group by 6.9% in the third quarter. Walter & Keenan Financial Consulting Co. MI ADV now owns 3,630 shares of the real estate investment trust’s stock valued at $751,000 after buying an additional 235 shares in the last quarter. Delta Lloyd NV boosted its stake in Simon Property Group by 7.3% in the third quarter. Delta Lloyd NV now owns 384,324 shares of the real estate investment trust’s stock valued at $79,559,000 after buying an additional 26,078 shares in the last quarter. Intrust Bank NA boosted its stake in Simon Property Group by 4.8% in the third quarter. Intrust Bank NA now owns 4,925 shares of the real estate investment trust’s stock valued at $1,020,000 after buying an additional 226 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. boosted its stake in Simon Property Group by 9.8% in the third quarter. Transamerica Financial Advisors Inc. now owns 13,673 shares of the real estate investment trust’s stock valued at $2,831,000 after buying an additional 1,216 shares in the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “SPG”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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