Simon Property Group (NYSE:SPG) Given New $142.00 Price Target at Deutsche Bank Aktiengesellschaft

Simon Property Group (NYSE:SPG) had its price objective lifted by Deutsche Bank Aktiengesellschaft from $120.00 to $142.00 in a research note published on Tuesday morning, The Fly reports. The firm currently has a buy rating on the real estate investment trust’s stock.

Other analysts have also issued reports about the stock. BTIG Research increased their price objective on shares of Simon Property Group from $99.00 to $125.00 and gave the stock a buy rating in a research report on Tuesday, February 9th. Jefferies Financial Group upgraded Simon Property Group from a hold rating to a buy rating and increased their price target for the stock from $112.00 to $130.00 in a report on Friday, April 16th. They noted that the move was a valuation call. UBS Group initiated coverage on Simon Property Group in a research note on Thursday, June 3rd. They set a neutral rating and a $135.00 price target for the company. Morgan Stanley reaffirmed a buy rating and issued a $140.00 price objective on shares of Simon Property Group in a research report on Thursday, June 3rd. Finally, Piper Sandler lifted their target price on Simon Property Group from $130.00 to $150.00 and gave the stock an overweight rating in a research report on Friday, May 21st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. Simon Property Group currently has an average rating of Hold and an average price target of $116.44.

NYSE SPG opened at $134.54 on Tuesday. The firm’s 50 day moving average is $122.57. Simon Property Group has a fifty-two week low of $59.03 and a fifty-two week high of $136.70. The company has a market cap of $44.20 billion, a P/E ratio of 38.11, a P/E/G ratio of 3.33 and a beta of 1.53. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, May 10th. The real estate investment trust reported $1.36 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.89). Simon Property Group had a return on equity of 40.13% and a net margin of 24.94%. The firm had revenue of $1.24 billion for the quarter. During the same period last year, the firm earned $1.43 earnings per share. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, research analysts expect that Simon Property Group will post 9.79 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 23rd. Shareholders of record on Friday, April 9th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date was Thursday, April 8th. Simon Property Group’s dividend payout ratio (DPR) is 57.08%.

In other Simon Property Group news, Director J Albert Smith, Jr. acquired 385 shares of the company’s stock in a transaction dated Friday, April 23rd. The shares were purchased at an average cost of $116.37 per share, for a total transaction of $44,802.45. Following the completion of the purchase, the director now owns 8,807 shares in the company, valued at $1,024,870.59. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 8.49% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPG. Scotia Capital Inc. boosted its position in Simon Property Group by 2.8% during the first quarter. Scotia Capital Inc. now owns 76,447 shares of the real estate investment trust’s stock valued at $8,697,000 after purchasing an additional 2,104 shares in the last quarter. Virtus ETF Advisers LLC boosted its holdings in shares of Simon Property Group by 17.4% in the 4th quarter. Virtus ETF Advisers LLC now owns 21,369 shares of the real estate investment trust’s stock valued at $1,822,000 after buying an additional 3,170 shares in the last quarter. Rafferty Asset Management LLC grew its position in shares of Simon Property Group by 83.6% in the 1st quarter. Rafferty Asset Management LLC now owns 23,610 shares of the real estate investment trust’s stock worth $2,686,000 after buying an additional 10,748 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Simon Property Group by 1.4% during the 1st quarter. Treasurer of the State of North Carolina now owns 141,584 shares of the real estate investment trust’s stock worth $16,108,000 after acquiring an additional 2,020 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Simon Property Group by 52.9% during the 1st quarter. Victory Capital Management Inc. now owns 184,252 shares of the real estate investment trust’s stock worth $20,962,000 after acquiring an additional 63,749 shares in the last quarter. 86.82% of the stock is owned by hedge funds and other institutional investors.

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.

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