Simon Property Group, Inc. (NYSE:SPG) Given Average Rating of "Hold" by Analysts

Key Points

• Simon Property Group, Inc. has a consensus rating of "Hold" from eleven analysts, with an average price target of $182.73.
• The company recently reported a quarterly EPS of $2.95, beating estimates, and has a dividend yield of 5.03% based on an annualized dividend of $8.40.
• Insider activity has increased, with directors purchasing shares, indicating confidence in the company's future performance.

Simon Property Group, Inc. (NYSE:SPG - Get Free Report) has received a consensus rating of "Hold" from the eleven brokerages that are currently covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $182.73.

Several brokerages have recently issued reports on SPG. Piper Sandler decreased their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. JPMorgan Chase & Co. decreased their price objective on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Barclays initiated coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective for the company. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective for the company. Finally, Mizuho decreased their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th.

Insiders Place Their Bets

In related news, Director Larry C. Glasscock purchased 396 shares of the firm's stock in a transaction on Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, with a total value of $63,078.84. Following the purchase, the director directly owned 43,185 shares of the company's stock, valued at approximately $6,878,938.65. This trade represents a 0.93% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Glyn Aeppel purchased 234 shares of the firm's stock in a transaction on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the completion of the purchase, the director directly owned 19,057 shares in the company, valued at approximately $3,035,589.53. This trade represents a 1.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 2,386 shares of company stock worth $380,066. 8.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Simon Property Group

Several hedge funds have recently made changes to their positions in SPG. Nuveen LLC purchased a new position in shares of Simon Property Group during the first quarter valued at approximately $724,937,000. Principal Financial Group Inc. boosted its position in shares of Simon Property Group by 133.0% during the first quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust's stock valued at $532,529,000 after purchasing an additional 1,830,264 shares in the last quarter. Northern Trust Corp boosted its position in shares of Simon Property Group by 45.9% during the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after purchasing an additional 1,718,398 shares in the last quarter. Resolution Capital Ltd bought a new stake in shares of Simon Property Group during the fourth quarter valued at approximately $212,592,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Simon Property Group during the first quarter valued at approximately $197,377,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Trading Up 0.1%

Shares of Simon Property Group stock traded up $0.19 on Monday, reaching $165.65. 166,679 shares of the company's stock were exchanged, compared to its average volume of 1,617,280. The company has a market capitalization of $54.07 billion, a P/E ratio of 26.39, a price-to-earnings-growth ratio of 11.35 and a beta of 1.43. Simon Property Group has a 52 week low of $136.34 and a 52 week high of $190.13. The firm's 50-day moving average is $161.70 and its two-hundred day moving average is $165.32. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, beating analysts' consensus estimates of $2.91 by $0.04. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm posted $3.56 EPS. Simon Property Group's quarterly revenue was up 2.1% compared to the same quarter last year. Sell-side analysts predict that Simon Property Group will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were given a $2.10 dividend. The ex-dividend date was Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.07%. Simon Property Group's payout ratio is 133.76%.

About Simon Property Group

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.