Simon Property Group (NYSE:SPG) Posts Earnings Results, Beats Expectations By $0.12 EPS

Simon Property Group (NYSE:SPG) announced its quarterly earnings results on Monday. The real estate investment trust reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.10 by $0.12, Zacks reports. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%.

Simon Property Group Trading Up 0.6%

Shares of NYSE:SPG traded up $1.07 during mid-day trading on Monday, reaching $176.83. The stock had a trading volume of 1,963,966 shares, compared to its average volume of 1,628,359. The firm has a market cap of $57.73 billion, a PE ratio of 27.33, a price-to-earnings-growth ratio of 12.73 and a beta of 1.50. The firm has a 50 day simple moving average of $180.19 and a two-hundred day simple moving average of $168.67. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group has a twelve month low of $136.34 and a twelve month high of $190.13.

Insider Buying and Selling

In other Simon Property Group news, Director Glyn Aeppel bought 208 shares of the firm’s stock in a transaction on Tuesday, September 30th. The stock was purchased at an average cost of $185.95 per share, with a total value of $38,677.60. Following the completion of the purchase, the director owned 19,265 shares in the company, valued at approximately $3,582,326.75. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Reuben S. Leibowitz purchased 464 shares of the stock in a transaction on Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, with a total value of $86,280.80. Following the completion of the acquisition, the director directly owned 58,659 shares of the company’s stock, valued at approximately $10,907,641.05. This represents a 0.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 2,163 shares of company stock worth $401,605 over the last ninety days. Insiders own 8.66% of the company’s stock.

Institutional Trading of Simon Property Group

Several hedge funds have recently bought and sold shares of the stock. MUFG Securities EMEA plc bought a new position in Simon Property Group in the second quarter valued at approximately $145,000. Keel Point LLC boosted its stake in Simon Property Group by 7.5% in the 2nd quarter. Keel Point LLC now owns 1,773 shares of the real estate investment trust’s stock worth $285,000 after purchasing an additional 124 shares during the period. Brighton Jones LLC acquired a new stake in shares of Simon Property Group in the 4th quarter valued at about $295,000. EP Wealth Advisors LLC lifted its holdings in shares of Simon Property Group by 20.2% in the second quarter. EP Wealth Advisors LLC now owns 2,053 shares of the real estate investment trust’s stock valued at $330,000 after purchasing an additional 345 shares in the last quarter. Finally, FORA Capital LLC bought a new position in shares of Simon Property Group during the second quarter worth about $399,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Simon Property Group from $180.00 to $184.00 and gave the company a “neutral” rating in a research note on Friday, August 22nd. Stifel Nicolaus downgraded Simon Property Group from a “buy” rating to a “hold” rating and set a $179.00 price objective for the company. in a research report on Tuesday, September 2nd. Piper Sandler boosted their price objective on Simon Property Group from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, September 18th. Truist Financial raised their target price on Simon Property Group from $168.00 to $169.00 and gave the company a “hold” rating in a research note on Monday, August 25th. Finally, Morgan Stanley lifted their price target on Simon Property Group from $170.00 to $180.00 and gave the company an “equal weight” rating in a report on Thursday, September 11th. Five analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $187.31.

About Simon Property Group

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.