Shares of Simon Property Group, Inc. (NYSE:SPG) have earned a consensus recommendation of “Buy” from the twenty brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $192.36.
A number of brokerages have recently weighed in on SPG. Zacks Investment Research downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Tuesday. Jefferies Group LLC reiterated a “buy” rating and issued a $190.00 price objective on shares of Simon Property Group in a research note on Monday, July 17th. Boenning Scattergood set a $240.00 price objective on Simon Property Group and gave the company a “buy” rating in a research note on Wednesday, August 2nd. BidaskClub upgraded Simon Property Group from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Barclays PLC upped their price objective on Simon Property Group from $188.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, August 8th.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Norway Savings Bank boosted its position in Simon Property Group by 19.5% during the second quarter. Norway Savings Bank now owns 765 shares of the real estate investment trust’s stock valued at $124,000 after buying an additional 125 shares during the period. Bronfman E.L. Rothschild L.P. boosted its holdings in shares of Simon Property Group by 27.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 787 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 169 shares during the period. Alpha Windward LLC boosted its holdings in shares of Simon Property Group by 12.2% during the second quarter. Alpha Windward LLC now owns 856 shares of the real estate investment trust’s stock worth $138,000 after purchasing an additional 93 shares during the period. Highstreet Asset Management Inc. purchased a new stake in shares of Simon Property Group during the second quarter worth about $157,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its holdings in shares of Simon Property Group by 0.7% during the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 973 shares of the real estate investment trust’s stock worth $157,000 after purchasing an additional 7 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.
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Simon Property Group (NYSE:SPG) last announced its earnings results on Friday, October 27th. The real estate investment trust reported $2.89 earnings per share for the quarter, topping analysts’ consensus estimates of $2.88 by $0.01. Simon Property Group had a return on equity of 41.85% and a net margin of 31.96%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the business earned $2.70 EPS. The company’s revenue was up 3.4% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be given a dividend of $1.85 per share. This represents a $7.40 annualized dividend and a yield of 4.76%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.80. The ex-dividend date is Wednesday, November 15th. Simon Property Group’s dividend payout ratio is presently 126.98%.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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