Simon Property Group (NYSE:SPG) had its price objective boosted by analysts at Citigroup from $190.00 to $200.00 in a research note issued on Tuesday, October 30th. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s target price would suggest a potential upside of 9.28% from the stock’s previous close.
Other research analysts have also issued research reports about the stock. Mizuho reissued a “buy” rating and set a $188.00 target price on shares of Simon Property Group in a research report on Wednesday, August 1st. Raymond James upped their price objective on shares of Simon Property Group from $185.00 to $190.00 and gave the company an “outperform” rating in a research report on Monday, October 29th. BMO Capital Markets reaffirmed a “buy” rating and set a $175.00 price objective on shares of Simon Property Group in a research report on Monday, July 30th. Wells Fargo & Co upped their price objective on shares of Simon Property Group from $175.00 to $183.00 and gave the company an “outperform” rating in a research report on Tuesday, July 31st. Finally, Royal Bank of Canada upped their price objective on shares of Simon Property Group to $183.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 21st. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $194.46.
NYSE:SPG traded down $0.15 during trading hours on Tuesday, reaching $183.02. The company’s stock had a trading volume of 1,379,264 shares, compared to its average volume of 1,566,689. The stock has a market capitalization of $58.69 billion, a PE ratio of 16.33, a P/E/G ratio of 2.49 and a beta of 0.40. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 6.14. Simon Property Group has a one year low of $145.78 and a one year high of $191.16.
Simon Property Group (NYSE:SPG) last released its earnings results on Thursday, October 25th. The real estate investment trust reported $1.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.07. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.42 billion. Simon Property Group had a net margin of 40.83% and a return on equity of 57.87%. On average, sell-side analysts forecast that Simon Property Group will post 12.12 earnings per share for the current fiscal year.
In related news, insider John Rulli sold 6,000 shares of the stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $186.52, for a total value of $1,119,120.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 8.64% of the company’s stock.
A number of institutional investors have recently modified their holdings of SPG. Kaizen Advisory LLC grew its stake in shares of Simon Property Group by 138.1% during the second quarter. Kaizen Advisory LLC now owns 712 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 413 shares during the last quarter. Capital Bank & Trust Co bought a new stake in shares of Simon Property Group during the third quarter valued at approximately $136,000. Honkamp Krueger Financial Services Inc. bought a new stake in shares of Simon Property Group during the third quarter valued at approximately $154,000. TRUE Private Wealth Advisors bought a new stake in shares of Simon Property Group during the third quarter valued at approximately $156,000. Finally, Capital Guardian Trust Co. bought a new stake in shares of Simon Property Group during the third quarter valued at approximately $184,000. 92.99% of the stock is currently owned by hedge funds and other institutional investors.
About Simon Property Group
Simon is a global leader 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.
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