Simon Property Group (NYSE:SPG) Raised to “Overweight” at Piper Sandler

Simon Property Group (NYSE:SPG) was upgraded by Piper Sandler from a “neutral” rating to an “overweight” rating in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a $205.00 target price on the real estate investment trust’s stock, up from their previous target price of $175.00. Piper Sandler’s price objective would indicate a potential upside of 18.29% from the company’s current price.

Several other research firms have also issued reports on SPG. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and raised their price target for the stock from $179.00 to $198.00 in a research report on Thursday, January 2nd. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft assumed coverage on Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective for the company. Finally, Mizuho increased their target price on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $175.10.

Simon Property Group Price Performance

Shares of SPG opened at $173.30 on Wednesday. Simon Property Group has a 12-month low of $135.15 and a 12-month high of $186.00. The business has a 50-day simple moving average of $175.74 and a two-hundred day simple moving average of $170.06. The stock has a market cap of $56.54 billion, a PE ratio of 23.08, a PEG ratio of 9.31 and a beta of 1.74. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Analysts anticipate that Simon Property Group will post 12.72 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Reuben S. Leibowitz bought 465 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was acquired at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the transaction, the director now directly owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Simon Property Group

A number of hedge funds have recently modified their holdings of SPG. Capital Performance Advisors LLP bought a new stake in shares of Simon Property Group in the third quarter valued at about $30,000. New England Capital Financial Advisors LLC acquired a new position in shares of Simon Property Group during the 4th quarter worth approximately $30,000. Synergy Asset Management LLC bought a new position in shares of Simon Property Group during the fourth quarter worth approximately $41,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Simon Property Group in the fourth quarter valued at approximately $41,000. Finally, Eastern Bank bought a new stake in shares of Simon Property Group in the third quarter valued at approximately $42,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.