Simon Property Group (NYSE:SPG) Price Target Raised to $163.00

Simon Property Group (NYSE:SPG) had its price target boosted by equities researchers at Scotiabank from $159.00 to $163.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective would suggest a potential upside of 3.64% from the company’s current price.

Several other brokerages also recently commented on SPG. Mizuho cut their price target on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating on the stock in a report on Tuesday, June 10th. JPMorgan Chase & Co. lowered their price target on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Piper Sandler decreased their target price on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, May 23rd. Wall Street Zen downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Finally, Stifel Nicolaus upped their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Six equities research 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 stock presently has an average rating of “Hold” and an average price target of $179.44.

Simon Property Group Stock Down 0.4%

Shares of NYSE SPG traded down $0.59 during mid-day trading on Tuesday, hitting $157.27. 334,840 shares of the stock traded hands, compared to its average volume of 1,539,451. The company has a market cap of $51.34 billion, a price-to-earnings ratio of 21.67, a PEG ratio of 10.10 and a beta of 1.47. The stock has a fifty day moving average price of $158.16 and a 200-day moving average price of $168.15. Simon Property Group has a 52 week low of $136.34 and a 52 week high of $190.14. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the business earned $3.56 EPS. Simon Property Group’s revenue was up 2.1% compared to the same quarter last year. Research analysts anticipate that Simon Property Group will post 12.54 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Inspire Investing LLC increased its position in Simon Property Group by 5.7% in the 1st quarter. Inspire Investing LLC now owns 32,259 shares of the real estate investment trust’s stock valued at $5,358,000 after acquiring an additional 1,750 shares during the period. Modern Wealth Management LLC increased its stake in Simon Property Group by 5.5% during the 1st quarter. Modern Wealth Management LLC now owns 29,508 shares of the real estate investment trust’s stock valued at $4,901,000 after buying an additional 1,527 shares during the period. Anderson Financial Strategies LLC bought a new stake in shares of Simon Property Group during the 1st quarter worth about $147,000. Strs Ohio acquired a new stake in shares of Simon Property Group in the 1st quarter worth approximately $37,726,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Simon Property Group by 354.5% in the 1st quarter. Acadian Asset Management LLC now owns 530,630 shares of the real estate investment trust’s stock worth $88,115,000 after acquiring an additional 413,871 shares during the period. Institutional investors 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.