Scotiabank Issues Positive Forecast for Simon Property Group (NYSE:SPG) Stock Price

Simon Property Group (NYSE:SPG) had its price objective boosted by Scotiabank from $173.00 to $186.00 in a research note released on Thursday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

SPG has been the subject of a number of other reports. JPMorgan Chase & Co. upped their price target on shares of Simon Property Group from $180.00 to $184.00 and gave the stock a “neutral” rating in a research report on Friday, August 22nd. LADENBURG THALM/SH SH assumed coverage on shares of Simon Property Group in a research note on Friday, July 18th. They set a “buy” rating and a $225.00 target price on the stock. Evercore ISI increased their price target on Simon Property Group from $187.00 to $188.00 and gave the stock an “in-line” rating in a research note on Friday, October 17th. Stifel Nicolaus raised their price target on Simon Property Group from $179.00 to $184.00 and gave the company a “hold” rating in a report on Tuesday, November 4th. Finally, Truist Financial upped their price objective on Simon Property Group from $168.00 to $169.00 and gave the stock a “hold” rating in a research note on Monday, August 25th. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Hold” and an average price target of $189.85.

Simon Property Group Stock Performance

Simon Property Group stock traded down $0.95 during trading on Thursday, reaching $182.66. The company had a trading volume of 792,083 shares, compared to its average volume of 1,619,014. Simon Property Group has a 52 week low of $136.34 and a 52 week high of $190.13. The firm’s 50-day simple moving average is $180.73 and its 200 day simple moving average is $170.32. The firm has a market capitalization of $59.64 billion, a price-to-earnings ratio of 28.23, a price-to-earnings-growth ratio of 12.73 and a beta of 1.50. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.13. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the business posted $3.05 earnings per share. The business’s quarterly revenue was up 8.2% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. Sell-side analysts forecast that Simon Property Group will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th will be paid a dividend of $2.20 per share. The ex-dividend date of this dividend is Wednesday, December 10th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.15. This represents a $8.80 dividend on an annualized basis and a yield of 4.8%. Simon Property Group’s payout ratio is currently 128.09%.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 464 shares of the company’s stock in a transaction on Tuesday, September 30th. The stock was acquired at an average cost of $185.95 per share, with a total value of $86,280.80. Following the purchase, the director directly owned 58,659 shares of the company’s stock, valued at approximately $10,907,641.05. This represents a 0.80% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Larry C. Glasscock bought 351 shares of Simon Property Group stock in a transaction dated Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, for a total transaction of $65,268.45. Following the completion of the acquisition, the director owned 43,536 shares in the company, valued at approximately $8,095,519.20. The trade was a 0.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 2,121 shares of company stock valued at $394,400 over the last ninety days. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Simon Property Group by 1.8% during the third quarter. Vanguard Group Inc. now owns 46,683,502 shares of the real estate investment trust’s stock valued at $8,761,093,000 after acquiring an additional 844,190 shares during the last quarter. State Street Corp boosted its stake in shares of Simon Property Group by 1.1% during the 2nd quarter. State Street Corp now owns 21,452,497 shares of the real estate investment trust’s stock worth $3,448,703,000 after purchasing an additional 228,819 shares during the period. Geode Capital Management LLC grew its holdings in Simon Property Group by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 9,592,471 shares of the real estate investment trust’s stock valued at $1,536,565,000 after purchasing an additional 127,636 shares during the last quarter. Capital World Investors grew its holdings in Simon Property Group by 45.0% during the 3rd quarter. Capital World Investors now owns 8,384,133 shares of the real estate investment trust’s stock valued at $1,573,450,000 after purchasing an additional 2,600,508 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Simon Property Group by 634.5% in the 3rd quarter. Wellington Management Group LLP now owns 7,370,089 shares of the real estate investment trust’s stock worth $1,383,145,000 after purchasing an additional 6,366,711 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.