Stock analysts at Goldman Sachs Group assumed coverage on shares of Simon Property Group (NYSE:SPG) in a research report issued to clients and investors on Wednesday, The Fly reports. The firm set a "buy" rating on the real estate investment trust's stock.
A number of other brokerages have also recently commented on SPG. Bank of America cut Simon Property Group from a "buy" rating to a "neutral" rating and set a $62.00 target price for the company. in a report on Tuesday, April 14th. JPMorgan Chase & Co. cut their price target on Simon Property Group from $145.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday, June 18th. Compass Point initiated coverage on Simon Property Group in a report on Thursday, June 4th. They issued a "buy" rating and a $120.00 target price for the company. Wells Fargo & Co lowered shares of Simon Property Group from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $130.00 to $60.00 in a report on Thursday, May 7th. Finally, Raymond James cut Simon Property Group from an "outperform" rating to a "market perform" rating in a report on Thursday, June 11th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. Simon Property Group currently has a consensus rating of "Hold" and a consensus target price of $96.38.
NYSE SPG opened at $68.38 on Wednesday. The company has a debt-to-equity ratio of 11.16, a quick ratio of 3.60 and a current ratio of 3.60. The firm has a market capitalization of $21.83 billion, a P/E ratio of 10.59, a PEG ratio of 1.27 and a beta of 1.32. The stock has a 50-day simple moving average of $65.27 and a two-hundred day simple moving average of $97.64. Simon Property Group has a fifty-two week low of $42.25 and a fifty-two week high of $165.48.
Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, May 11th. The real estate investment trust reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.90 by ($1.47). The firm had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. Simon Property Group had a return on equity of 68.08% and a net margin of 35.20%. The company's revenue was down 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.78 earnings per share. As a group, analysts forecast that Simon Property Group will post 10.72 earnings per share for the current year.
In related news, Director Glyn Aeppel purchased 1,000 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were purchased at an average price of $50.50 per share, with a total value of $50,500.00. Following the completion of the acquisition, the director now directly owns 8,317 shares in the company, valued at approximately $420,008.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 8.93% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Mid Atlantic Financial Management Inc. ADV acquired a new stake in shares of Simon Property Group in the fourth quarter worth approximately $288,000. Envestnet Asset Management Inc. raised its holdings in shares of Simon Property Group by 33.1% in the 4th quarter. Envestnet Asset Management Inc. now owns 150,911 shares of the real estate investment trust's stock worth $22,480,000 after purchasing an additional 37,513 shares during the period. Eaton Vance Management raised its holdings in shares of Simon Property Group by 123.6% during the 4th quarter. Eaton Vance Management now owns 399,939 shares of the real estate investment trust's stock valued at $59,575,000 after buying an additional 221,087 shares during the period. TD Asset Management Inc. boosted its holdings in Simon Property Group by 3.7% in the 4th quarter. TD Asset Management Inc. now owns 421,331 shares of the real estate investment trust's stock worth $62,762,000 after acquiring an additional 15,006 shares during the period. Finally, Wellington Shields & Co. LLC acquired a new stake in Simon Property Group in the fourth quarter valued at approximately $249,000. 90.22% of the stock is owned by institutional investors.
Simon Property Group Company Profile
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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