Equities research analysts at Scotiabank started coverage on shares of Simon Property Group (NYSE:SPG) in a research report issued to clients and investors on Tuesday, October 16th, The Fly reports. The brokerage set a “sector perform” rating on the real estate investment trust’s stock.
Several other equities analysts also recently issued reports on the stock. Argus upped their price objective on shares of Simon Property Group to $200.00 and gave the company a “buy” rating in a report on Thursday, October 11th. JPMorgan Chase & Co. upgraded Simon Property Group from a “neutral” rating to an “overweight” rating in a research report on Friday, October 5th. Zacks Investment Research upgraded Simon Property Group from a “hold” rating to a “buy” rating and set a $197.00 target price on the stock in a research report on Thursday, October 4th. Bank of America upped their target price on Simon Property Group from $193.00 to $203.00 and gave the company a “buy” rating in a research report on Monday, September 10th. Finally, Royal Bank of Canada upped their target price on Simon Property Group to $183.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 21st. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Simon Property Group presently has a consensus rating of “Buy” and an average price target of $195.42.
Simon Property Group stock traded up $1.40 during trading hours on Tuesday, reaching $188.69. The stock had a trading volume of 1,262,082 shares, compared to its average volume of 1,808,456. The company has a market capitalization of $59.99 billion, a PE ratio of 16.83, a P/E/G ratio of 2.55 and a beta of 0.40. The company has a debt-to-equity ratio of 6.14, a quick ratio of 1.13 and a current ratio of 1.12. Simon Property Group has a 52 week low of $145.78 and a 52 week high of $189.16.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Thursday, October 25th. The real estate investment trust reported $1.80 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.07. Simon Property Group had a net margin of 40.83% and a return on equity of 57.87%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.42 billion. On average, equities analysts predict that Simon Property Group will post 12.13 earnings per share for the current fiscal year.
In other news, insider John Rulli sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $186.52, for a total transaction of $1,119,120.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 8.64% of the company’s stock.
Several hedge funds have recently made changes to their positions in SPG. BlackRock Inc. raised its stake in Simon Property Group by 1.2% in the 2nd quarter. BlackRock Inc. now owns 30,623,068 shares of the real estate investment trust’s stock valued at $5,211,739,000 after purchasing an additional 350,087 shares during the last quarter. FMR LLC raised its stake in Simon Property Group by 3.8% in the 3rd quarter. FMR LLC now owns 6,718,524 shares of the real estate investment trust’s stock valued at $1,187,499,000 after purchasing an additional 248,169 shares during the last quarter. Principal Financial Group Inc. raised its stake in Simon Property Group by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 6,096,513 shares of the real estate investment trust’s stock valued at $940,997,000 after purchasing an additional 185,668 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Simon Property Group by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,598,802 shares of the real estate investment trust’s stock valued at $782,676,000 after purchasing an additional 39,244 shares during the last quarter. Finally, PGGM Investments raised its stake in Simon Property Group by 1.6% in the 3rd quarter. PGGM Investments now owns 3,746,811 shares of the real estate investment trust’s stock valued at $662,249,000 after purchasing an additional 57,811 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.
About Simon Property Group
Simon is a global leader 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.
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