Mizuho Raises Simon Property Group (NYSE:SPG) Price Target to $182.00

Simon Property Group (NYSE:SPG) had its price objective raised by Mizuho from $158.00 to $182.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other equities analysts have also recently commented on the stock. Piper Sandler restated a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial lifted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Finally, Scotiabank lifted their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Simon Property Group has a consensus rating of “Hold” and a consensus target price of $165.44.

Simon Property Group Stock Performance

Shares of SPG stock opened at $181.51 on Wednesday. The company has a market capitalization of $59.22 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 10.59 and a beta of 1.75. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. The company has a 50-day simple moving average of $175.03 and a 200 day simple moving average of $162.05. Simon Property Group has a 52 week low of $129.08 and a 52 week high of $186.00.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm earned $3.20 EPS. Simon Property Group’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, sell-side analysts predict that Simon Property Group will post 12.78 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.63%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. Simon Property Group’s payout ratio is presently 111.85%.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On Simon Property Group

Institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Simon Property Group by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after purchasing an additional 3,626 shares during the last quarter. Red Cedar Investment Management LLC boosted its stake in shares of Simon Property Group by 153.2% in the 3rd quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock valued at $2,973,000 after purchasing an additional 10,644 shares during the last quarter. TTP Investments Inc. boosted its stake in shares of Simon Property Group by 42.0% in the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock valued at $5,796,000 after purchasing an additional 10,147 shares during the last quarter. Forte Capital LLC ADV bought a new stake in shares of Simon Property Group in the 3rd quarter valued at $630,000. Finally, Radnor Capital Management LLC bought a new stake in shares of Simon Property Group in the 3rd quarter valued at $1,602,000. 93.01% of the stock is owned by institutional investors.

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.