Truist Financial Boosts Simon Property Group (NYSE:SPG) Price Target to $158.00

Simon Property Group (NYSE:SPG) had its target price upped by Truist Financial from $147.00 to $158.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price objective indicates a potential downside of 4.83% from the company’s current price.

Several other equities research analysts also recently issued reports on SPG. Scotiabank lifted their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday. Evercore ISI boosted their price objective on shares of Simon Property Group from $150.00 to $155.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Stifel Nicolaus boosted their price objective on Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Mizuho lifted their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $157.25.

Simon Property Group Price Performance

Shares of Simon Property Group stock traded down $2.03 on Wednesday, hitting $166.02. The company’s stock had a trading volume of 376,187 shares, compared to its average volume of 1,447,667. The firm has a fifty day moving average price of $152.67 and a 200-day moving average price of $149.97. The company has a market capitalization of $54.11 billion, a P/E ratio of 21.17, a price-to-earnings-growth ratio of 8.58 and a beta of 1.75. Simon Property Group has a 52-week low of $102.11 and a 52-week high of $169.18. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the firm posted $2.88 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. On average, equities research analysts expect that Simon Property Group will post 12.85 earnings per share for the current fiscal year.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 486 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was acquired at an average price of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Hedge funds have recently bought and sold shares of the company. Diligent Investors LLC lifted its holdings in Simon Property Group by 0.5% during the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after purchasing an additional 68 shares during the last quarter. Augustine Asset Management Inc. boosted its stake in Simon Property Group by 3.8% in the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 68 shares in the last quarter. TIAA Trust National Association lifted its stake in shares of Simon Property Group by 3.7% in the 1st quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after acquiring an additional 69 shares during the last quarter. Inspire Advisors LLC grew its holdings in shares of Simon Property Group by 1.7% in the first quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock worth $646,000 after purchasing an additional 70 shares during the last quarter. Finally, Mark Asset Management LP raised its stake in shares of Simon Property Group by 0.9% during the second quarter. Mark Asset Management LP now owns 8,095 shares of the real estate investment trust’s stock valued at $1,229,000 after acquiring an additional 72 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

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.