Simon Property Group (NYSE:SPG) Given a $179.00 Price Target by Stifel Nicolaus Analysts

Key Points

• Stifel Nicolaus has lowered its price target for Simon Property Group from $180.00 to $179.00 while maintaining a "buy" rating, indicating a potential upside of 9.33% from the current stock price.
• Other brokerages, including Mizuho and Barclays, have also revised their price targets downward, with the average consensus price target now at $182.64.
• In recent trading activity, insiders have increased their positions, with Director Gary M. Rodkin purchasing shares at an average price of **$159.29**, indicating confidence in the company's future performance.

Stifel Nicolaus set a $179.00 price target on Simon Property Group (NYSE:SPG - Free Report) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm currently has a buy rating on the real estate investment trust's stock.

A number of other research firms have also recently weighed in on SPG. JPMorgan Chase & Co. dropped their price target 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. Scotiabank increased their target price on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a report on Tuesday, June 17th. Piper Sandler lowered their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. 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 target for the company. Finally, Mizuho decreased their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Simon Property Group presently has a consensus rating of "Hold" and an average price target of $182.64.

Simon Property Group Price Performance

Shares of Simon Property Group stock traded down $1.29 during mid-day trading on Tuesday, reaching $166.24. 1,399,453 shares of the stock were exchanged, compared to its average volume of 1,451,191. Simon Property Group has a fifty-two week low of $136.34 and a fifty-two week high of $190.13. The company has a market cap of $54.26 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 11.21 and a beta of 1.48. The firm has a 50-day simple moving average of $162.40 and a 200 day simple moving average of $164.99. The company has a current ratio of 1.23, a quick ratio of 1.45 and a debt-to-equity ratio of 9.05.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.01. The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.90 earnings per share. On average, sell-side analysts predict that Simon Property Group will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a dividend of $2.15 per share. This represents a $8.60 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio is presently 129.83%.

Insider Buying and Selling

In related news, Director Daniel C. Smith bought 378 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, for a total transaction of $60,211.62. Following the completion of the acquisition, the director owned 31,998 shares in the company, valued at approximately $5,096,961.42. This represents a 1.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary M. Rodkin purchased 246 shares of the stock in a transaction dated Monday, June 30th. The stock was bought at an average cost of $159.29 per share, with a total value of $39,185.34. Following the completion of the purchase, the director owned 19,010 shares in the company, valued at $3,028,102.90. The trade was a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,386 shares of company stock worth $380,066 over the last 90 days. 8.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Cascade Financial Partners LLC raised its position in shares of Simon Property Group by 4.4% during the second quarter. Cascade Financial Partners LLC now owns 4,393 shares of the real estate investment trust's stock worth $706,000 after purchasing an additional 184 shares during the period. Samalin Investment Counsel LLC increased its stake in Simon Property Group by 8.3% during the 2nd quarter. Samalin Investment Counsel LLC now owns 2,175 shares of the real estate investment trust's stock worth $350,000 after purchasing an additional 167 shares in the last quarter. Laffer Tengler Investments Inc. acquired a new stake in Simon Property Group during the 2nd quarter worth approximately $239,000. Vise Technologies Inc. bought a new position in Simon Property Group in the second quarter valued at approximately $818,000. Finally, Allworth Financial LP boosted its holdings in shares of Simon Property Group by 394.0% in the second quarter. Allworth Financial LP now owns 20,994 shares of the real estate investment trust's stock valued at $3,375,000 after buying an additional 16,744 shares during the period. Institutional investors and hedge funds own 93.01% of the company's stock.

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.