Simon Property Group (NYSE:SPG) Price Target Increased to $169.00 by Analysts at Scotiabank

Simon Property Group (NYSE:SPG) had its target price increased by analysts at Scotiabank from $152.00 to $169.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target indicates a potential upside of 0.84% from the stock’s current price.

A number of other research firms also recently issued reports on SPG. Argus lifted their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Mizuho lifted their price target 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. Evercore ISI lifted their price target 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 lifted their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $155.65.

Simon Property Group Stock Performance

Shares of NYSE SPG traded up $1.10 during midday trading on Monday, reaching $167.60. 99,846 shares of the company were exchanged, compared to its average volume of 1,447,919. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group has a 1 year low of $102.11 and a 1 year high of $167.94. The stock has a fifty day simple moving average of $152.28 and a 200 day simple moving average of $149.81. The stock has a market cap of $54.63 billion, a P/E ratio of 21.35, a PEG ratio of 8.58 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $1.30 billion. During the same period in the prior year, the firm posted $2.88 EPS. Simon Property Group’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, research analysts forecast that Simon Property Group will post 12.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz acquired 486 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the acquisition, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in Simon Property Group during the fourth quarter worth approximately $2,561,181,000. Vanguard Group Inc. boosted its holdings in Simon Property Group by 1.5% during the first quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in Simon Property Group by 11,722.9% during the fourth quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after buying an additional 667,034 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its position in shares of Simon Property Group by 160.1% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock valued at $108,887,000 after acquiring an additional 469,855 shares in the last quarter. Finally, Strategic Financial Concepts LLC lifted its position in shares of Simon Property Group by 16,795.2% in the 2nd quarter. Strategic Financial Concepts LLC now owns 424,070 shares of the real estate investment trust’s stock valued at $64,374,000 after acquiring an additional 421,560 shares in the last quarter. 93.01% of the stock is currently owned by 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.