Simon Property Group (NYSE:SPG) Price Target Raised to $169.00

Simon Property Group (NYSE:SPG) had its price objective increased by Truist Financial from $168.00 to $169.00 in a research note issued to investors on Monday, Marketbeat.com reports. The firm currently has a hold rating on the real estate investment trust’s stock.

A number of other research analysts have also recently commented on SPG. Stifel Nicolaus set a $179.00 price target on shares of Simon Property Group and gave the stock a “buy” rating in a research note on Tuesday, August 5th. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a research report on Friday, July 18th. They set a “buy” rating and a $225.00 target price for the company. JPMorgan Chase & Co. boosted their price target on Simon Property Group from $180.00 to $184.00 and gave the company a “neutral” rating in a research note on Friday, August 22nd. Scotiabank increased their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a “sector perform” rating in a research report on Tuesday, June 17th. Finally, Barclays started coverage on shares of Simon Property Group in a report on Wednesday, July 2nd. They set an “equal weight” rating and a $170.00 price target for the company. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and an average target price of $184.00.

Simon Property Group Stock Up 0.9%

SPG opened at $178.42 on Monday. The company has a market capitalization of $58.25 billion, a P/E ratio of 27.58, a P/E/G ratio of 10.71 and a beta of 1.48. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The firm’s fifty day moving average price is $166.01 and its two-hundred day moving average price is $164.73. Simon Property Group has a fifty-two week low of $136.34 and a fifty-two week high of $190.13.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the company posted $2.90 EPS. The business’s revenue was up 13.9% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, analysts anticipate that Simon Property Group will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be paid a $2.15 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group’s payout ratio is presently 129.83%.

Insider Buying and Selling at Simon Property Group

In other news, Director Glyn Aeppel acquired 234 shares of the firm’s stock in a transaction on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the transaction, the director owned 19,057 shares of the company’s stock, valued at approximately $3,035,589.53. This represents a 1.24% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stefan M. Selig bought 219 shares of the company’s stock in a transaction dated Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $34,884.51. Following the transaction, the director owned 31,881 shares of the company’s stock, valued at $5,078,324.49. The trade was a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 2,428 shares of company stock valued at $387,271 over the last three months. Insiders own 8.66% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Several hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its position in Simon Property Group by 31.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust’s stock valued at $553,000 after purchasing an additional 789 shares during the period. Golden State Wealth Management LLC raised its stake in shares of Simon Property Group by 193.5% during the first quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 509 shares during the last quarter. Brighton Jones LLC acquired a new position in Simon Property Group in the fourth quarter valued at approximately $295,000. J.W. Cole Advisors Inc. acquired a new position in Simon Property Group in the first quarter valued at approximately $895,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Simon Property Group by 8.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust’s stock valued at $9,415,000 after acquiring an additional 4,589 shares during the last quarter. Institutional investors 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.