Scotiabank Increases Simon Property Group (NYSE:SPG) Price Target to $152.00

Simon Property Group (NYSE:SPG - Free Report) had its target price increased by Scotiabank from $142.00 to $152.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust's stock.

SPG has been the subject of a number of other reports. Truist Financial lifted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a report on Friday, March 22nd. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Evercore ISI lifted their price objective on Simon Property Group from $142.00 to $150.00 and gave the company an in-line rating in a research report on Wednesday, February 28th. Finally, Morgan Stanley upped their target price on Simon Property Group from $143.00 to $145.00 and gave the company an equal weight rating in a research note on Monday, February 26th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Simon Property Group has a consensus rating of Moderate Buy and an average target price of $141.40.

Simon Property Group Price Performance

Shares of NYSE SPG traded down $1.52 on Thursday, hitting $148.73. The company's stock had a trading volume of 1,802,172 shares, compared to its average volume of 1,481,698. The stock has a 50 day moving average of $147.85 and a 200-day moving average of $140.55. The company has a market capitalization of $48.47 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 7.61 and a beta of 1.68. Simon Property Group has a 12-month low of $100.17 and a 12-month high of $157.82. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The company had revenue of $1.44 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same period in the previous year, the business posted $2.74 EPS. The business's quarterly revenue was up 6.8% on a year-over-year basis. As a group, research analysts predict that Simon Property Group will post 12.87 EPS for the current year.

Simon Property Group announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date is Friday, June 7th. This is an increase from Simon Property Group's previous quarterly dividend of $1.95. Simon Property Group's dividend payout ratio (DPR) is currently 99.36%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. TIAA Trust National Association raised its holdings in shares of Simon Property Group by 3.7% during the 1st quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust's stock valued at $299,000 after buying an additional 69 shares during the period. Inspire Advisors LLC lifted its position in shares of Simon Property Group by 1.7% during the first quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust's stock worth $646,000 after purchasing an additional 70 shares in the last quarter. Coldstream Capital Management Inc. boosted its stake in shares of Simon Property Group by 1.5% in the fourth quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust's stock valued at $741,000 after purchasing an additional 77 shares during the period. Bleakley Financial Group LLC boosted its stake in shares of Simon Property Group by 1.3% in the first quarter. Bleakley Financial Group LLC now owns 6,033 shares of the real estate investment trust's stock valued at $944,000 after purchasing an additional 78 shares during the period. Finally, Cascade Investment Group Inc. grew its holdings in Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust's stock valued at $2,097,000 after purchasing an additional 80 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other 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.