Simon Property Group, Inc. (SPG) Rating Reiterated by Royal Bank Of Canada

Royal Bank Of Canada reaffirmed their hold rating on shares of Simon Property Group, Inc. (NYSE:SPG) in a research note issued to investors on Thursday, November 2nd. They currently have a $176.00 target price on the real estate investment trust’s stock.

SPG has been the topic of a number of other reports. Jefferies Group LLC reissued a buy rating and set a $190.00 price objective on shares of Simon Property Group in a report on Monday, July 17th. Boenning Scattergood set a $240.00 target price on shares of Simon Property Group and gave the stock a buy rating in a research note on Wednesday, August 2nd. BidaskClub upgraded shares of Simon Property Group from a sell rating to a hold rating in a research report on Monday, July 31st. Barclays PLC increased their price objective on shares of Simon Property Group from $188.00 to $190.00 and gave the company an overweight rating in a report on Tuesday, August 8th. Finally, BMO Capital Markets assumed coverage on shares of Simon Property Group in a report on Monday, September 11th. They set an outperform rating and a $175.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $191.45.

Simon Property Group (NYSE:SPG) opened at $159.15 on Thursday. Simon Property Group has a 12-month low of $150.15 and a 12-month high of $188.10. The company has a market capitalization of $50,920.00, a PE ratio of 14.71, a P/E/G ratio of 2.19 and a beta of 0.60. The company has a debt-to-equity ratio of 5.57, a current ratio of 0.93 and a quick ratio of 0.93.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, October 27th. The real estate investment trust reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.88 by $0.01. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. Simon Property Group had a return on equity of 41.85% and a net margin of 31.96%. Simon Property Group’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.70 earnings per share. analysts expect that Simon Property Group will post 11.2 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be paid a dividend of $1.85 per share. This represents a $7.40 dividend on an annualized basis and a yield of 4.65%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.80. The ex-dividend date is Wednesday, November 15th. Simon Property Group’s dividend payout ratio is 130.74%.

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Simon Property Group by 0.6% during the second quarter. Vanguard Group Inc. now owns 45,741,576 shares of the real estate investment trust’s stock worth $7,399,158,000 after purchasing an additional 259,901 shares during the period. Capital World Investors increased its holdings in shares of Simon Property Group by 25.4% in the 2nd quarter. Capital World Investors now owns 20,788,000 shares of the real estate investment trust’s stock worth $3,362,667,000 after acquiring an additional 4,210,000 shares during the period. Cohen & Steers Inc. increased its stake in Simon Property Group by 6.2% during the 3rd quarter. Cohen & Steers Inc. now owns 12,350,345 shares of the real estate investment trust’s stock valued at $1,988,529,000 after buying an additional 719,375 shares during the period. APG Asset Management US Inc. increased its stake in Simon Property Group by 3.2% during the 3rd quarter. APG Asset Management US Inc. now owns 7,493,740 shares of the real estate investment trust’s stock valued at $1,206,567,000 after buying an additional 235,200 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Simon Property Group by 13.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,628,178 shares of the real estate investment trust’s stock valued at $1,067,204,000 after buying an additional 789,384 shares during the period. 95.24% of the stock is currently owned by institutional investors.

Simon Property Group Company Profile

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.

Analyst Recommendations for Simon Property Group (NYSE:SPG)

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