Canaccord Genuity restated their buy rating on shares of Simon Property Group Inc. (NYSE:SPG) in a research report sent to investors on Friday morning.

Analyst Recommendations for Simon Property Group (NYSE:SPG)

Several other brokerages have also recently issued reports on SPG. Goldman Sachs Group Inc. cut shares of Simon Property Group from a conviction-buy rating to a buy rating and cut their target price for the stock from $243.00 to $236.00 in a report on Monday, June 13th. RBC Capital Markets lowered Simon Property Group from an outperform rating to a sector perform rating and raised their price target for the stock from $220.00 to $230.00 in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Zacks Investment Research lowered Simon Property Group from a buy rating to a hold rating in a research note on Wednesday, August 3rd. Mizuho reaffirmed a buy rating on shares of Simon Property Group in a research note on Thursday, May 26th. Finally, Deutsche Bank AG raised their price target on Simon Property Group from $232.00 to $233.00 and gave the stock a buy rating in a research note on Wednesday, August 17th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $236.00.

Shares of Simon Property Group (NYSE:SPG) opened at 210.87 on Friday. The company has a market cap of $66.26 billion, a price-to-earnings ratio of 37.45 and a beta of 0.76. Simon Property Group has a 1-year low of $176.11 and a 1-year high of $229.10. The stock has a 50 day moving average of $214.33 and a 200 day moving average of $209.30.

Simon Property Group (NYSE:SPG) last issued its earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.01. Simon Property Group had a net margin of 34.03% and a return on equity of 34.61%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the business earned $2.41 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Simon Property Group will post $10.86 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th were given a dividend of $1.65 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.60. This represents a $6.60 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date was Monday, August 15th. Simon Property Group’s payout ratio is presently 117.23%.

In related news, CFO Andrew Juster sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $215.68, for a total value of $1,509,760.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Steven K. Broadwater sold 945 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $215.41, for a total value of $203,562.45. Following the completion of the transaction, the senior vice president now directly owns 2,965 shares in the company, valued at $638,690.65. The disclosure for this sale can be found here. Insiders own 8.50% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Zacks Investment Management boosted its position in Simon Property Group by 0.3% in the second quarter. Zacks Investment Management now owns 1,534 shares of the real estate investment trust’s stock worth $333,000 after buying an additional 5 shares in the last quarter. Private Trust Co. NA boosted its position in Simon Property Group by 0.5% in the second quarter. Private Trust Co. NA now owns 1,632 shares of the real estate investment trust’s stock worth $353,000 after buying an additional 8 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its position in Simon Property Group by 0.6% in the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,350 shares of the real estate investment trust’s stock worth $293,000 after buying an additional 8 shares in the last quarter. William Harris Investors Inc. boosted its position in Simon Property Group by 0.8% in the first quarter. William Harris Investors Inc. now owns 1,092 shares of the real estate investment trust’s stock worth $227,000 after buying an additional 9 shares in the last quarter. Finally, Whitnell & Co. boosted its position in Simon Property Group by 0.3% in the second quarter. Whitnell & Co. now owns 4,990 shares of the real estate investment trust’s stock worth $1,082,000 after buying an additional 14 shares in the last quarter. 98.56% of the stock is currently owned by institutional investors.

Simon Property Group Company Profile

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.

5 Day Chart for NYSE:SPG

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