Royal Bank Of Canada Reiterates “Hold” Rating for Simon Property Group, Inc. (SPG)
Simon Property Group, Inc. (NYSE:SPG)‘s stock had its “hold” rating restated by equities researchers at Royal Bank Of Canada in a research report issued on Thursday. They currently have a $176.00 price objective on the real estate investment trust’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 13.55% from the stock’s previous close.
A number of other research firms have also recently issued reports on SPG. Stifel Nicolaus restated a “hold” rating and set a $170.00 price objective on shares of Simon Property Group in a research report on Thursday, October 12th. Boenning Scattergood set a $240.00 price objective on Simon Property Group and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Barclays PLC boosted their price objective on Simon Property Group from $188.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, August 8th. Zacks Investment Research upgraded Simon Property Group from a “hold” rating to a “buy” rating and set a $182.00 price objective on the stock in a research report on Wednesday, October 11th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $190.00 price target on shares of Simon Property Group in a research report on Monday, July 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $191.45.
Shares of Simon Property Group (NYSE:SPG) traded down $2.09 during mid-day trading on Thursday, hitting $155.00. The stock had a trading volume of 2,114,166 shares, compared to its average volume of 1,471,198. Simon Property Group has a one year low of $150.15 and a one year high of $189.25. The firm has a market capitalization of $49,590.24, a price-to-earnings ratio of 14.08, a PEG ratio of 2.08 and a beta of 0.60. The company has a current ratio of 0.93, a quick ratio of 0.94 and a debt-to-equity ratio of 5.57.
Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, October 27th. The real estate investment trust reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.88 by $0.01. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Simon Property Group had a return on equity of 41.85% and a net margin of 31.96%. Simon Property Group’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.70 earnings per share. equities analysts expect that Simon Property Group will post 11.21 EPS for the current fiscal year.
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Several institutional investors and hedge funds have recently modified their holdings of the company. Global X MANAGEMENT CO LLC lifted its stake in shares of Simon Property Group by 10.4% during the third quarter. Global X MANAGEMENT CO LLC now owns 3,750 shares of the real estate investment trust’s stock valued at $604,000 after acquiring an additional 353 shares during the period. Advantus Capital Management Inc lifted its stake in Simon Property Group by 1.6% in the third quarter. Advantus Capital Management Inc now owns 470,137 shares of the real estate investment trust’s stock valued at $75,697,000 after buying an additional 7,344 shares during the period. Bradley Foster & Sargent Inc. CT lifted its stake in Simon Property Group by 49.1% in the third quarter. Bradley Foster & Sargent Inc. CT now owns 3,946 shares of the real estate investment trust’s stock valued at $635,000 after buying an additional 1,300 shares during the period. Patriot Wealth Management Inc. lifted its stake in Simon Property Group by 0.9% in the third quarter. Patriot Wealth Management Inc. now owns 40,079 shares of the real estate investment trust’s stock valued at $6,453,000 after buying an additional 361 shares during the period. Finally, Advisor Partners LLC lifted its stake in Simon Property Group by 11.8% in the third quarter. Advisor Partners LLC now owns 4,218 shares of the real estate investment trust’s stock valued at $679,000 after buying an additional 446 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.
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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