Simon Property Group Inc (SPG) Price Target Cut to $200.00 by Analysts at Barclays PLC
Simon Property Group Inc (NYSE:SPG) had its target price lowered by analysts at Barclays PLC from $206.00 to $200.00 in a research report issued on Wednesday. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Barclays PLC’s price target indicates a potential upside of 14.46% from the stock’s current price.
Several other brokerages have also recently issued reports on SPG. Deutsche Bank AG cut Simon Property Group from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $231.00 to $188.00 in a report on Monday, January 9th. Canaccord Genuity reaffirmed a “buy” rating on shares of Simon Property Group in a report on Saturday, January 7th. BTIG Research reaffirmed a “buy” rating and set a $231.00 price objective on shares of Simon Property Group in a report on Wednesday, February 1st. SunTrust Banks, Inc. cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, January 19th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Simon Property Group from a “hold” rating to a “sell” rating in a report on Tuesday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $219.15.
Shares of Simon Property Group (NYSE:SPG) traded up 0.17% during midday trading on Wednesday, hitting $174.73. 1,145,858 shares of the stock were exchanged. The firm’s 50 day moving average price is $171.68 and its 200-day moving average price is $181.35. The stock has a market cap of $54.70 billion, a P/E ratio of 29.77 and a beta of 0.60. Simon Property Group has a 52-week low of $163.55 and a 52-week high of $229.10.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Tuesday, January 31st. The real estate investment trust reported $2.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.48 by $1.05. Simon Property Group had a return on equity of 39.00% and a net margin of 35.11%. The business earned $1.43 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the prior year, the company posted $2.40 EPS. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, equities research analysts expect that Simon Property Group will post $6.60 earnings per share for the current fiscal year.
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In other Simon Property Group news, Director Reuben S. Leibowitz bought 1,400 shares of Simon Property Group stock in a transaction on Tuesday, March 28th. The shares were acquired at an average price of $166.00 per share, for a total transaction of $232,400.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in SPG. Norway Savings Bank raised its position in shares of Simon Property Group by 75.3% in the first quarter. Norway Savings Bank now owns 640 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 275 shares in the last quarter. Farmers & Merchants Investments Inc. raised its position in shares of Simon Property Group by 8.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 643 shares of the real estate investment trust’s stock valued at $111,000 after buying an additional 50 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Simon Property Group by 13.4% in the fourth quarter. Bessemer Group Inc. now owns 718 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 85 shares in the last quarter. Alpha Windward LLC raised its position in shares of Simon Property Group by 4.1% in the first quarter. Alpha Windward LLC now owns 763 shares of the real estate investment trust’s stock valued at $131,000 after buying an additional 30 shares in the last quarter. Finally, Israel Discount Bank of New York GFN acquired a new position in shares of Simon Property Group during the fourth quarter valued at $142,000. Institutional investors and hedge funds own 97.40% of the company’s stock.
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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