Simon Property Group Inc (SPG) Receives Consensus Recommendation of “Hold” from Analysts
Shares of Simon Property Group Inc (NYSE:SPG) have been assigned a consensus recommendation of “Hold” from the sixteen research firms that are covering the firm, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $192.54.
A number of equities research analysts have recently issued reports on SPG shares. Mizuho downgraded shares of Simon Property Group to a “hold” rating and set a $193.00 price target on the stock. in a report on Tuesday, February 26th. Wells Fargo & Co downgraded shares of Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Barclays reissued a “buy” rating and issued a $202.00 price target on shares of Simon Property Group in a report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Simon Property Group from $198.00 to $193.00 and set an “overweight” rating on the stock in a report on Monday.
NYSE:SPG traded down $0.65 on Thursday, reaching $161.02. 23,776 shares of the company’s stock were exchanged, compared to its average volume of 1,434,546. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.34. The firm has a market capitalization of $50.14 billion, a PE ratio of 13.25, a P/E/G ratio of 2.95 and a beta of 0.56. Simon Property Group has a 52 week low of $159.69 and a 52 week high of $191.49.
Simon Property Group announced that its Board of Directors has initiated a share repurchase program on Tuesday, February 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 3.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were issued a $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date was Thursday, May 16th. Simon Property Group’s payout ratio is 67.60%.
In related news, insider John Rulli sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $176.17, for a total value of $1,613,717.20. Following the sale, the insider now directly owns 29,646 shares of the company’s stock, valued at $5,222,735.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 8.75% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Private Trust Co. NA raised its stake in Simon Property Group by 4.7% in the first quarter. Private Trust Co. NA now owns 1,310 shares of the real estate investment trust’s stock valued at $238,000 after purchasing an additional 59 shares in the last quarter. Berman Capital Advisors LLC raised its stake in shares of Simon Property Group by 12.7% during the first quarter. Berman Capital Advisors LLC now owns 523 shares of the real estate investment trust’s stock worth $95,000 after acquiring an additional 59 shares in the last quarter. San Francisco Sentry Investment Group CA raised its stake in shares of Simon Property Group by 6.9% during the fourth quarter. San Francisco Sentry Investment Group CA now owns 933 shares of the real estate investment trust’s stock worth $157,000 after acquiring an additional 60 shares in the last quarter. First Personal Financial Services raised its stake in shares of Simon Property Group by 37.4% during the fourth quarter. First Personal Financial Services now owns 224 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 61 shares in the last quarter. Finally, Flagship Harbor Advisors LLC raised its stake in shares of Simon Property Group by 13.3% during the first quarter. Flagship Harbor Advisors LLC now owns 527 shares of the real estate investment trust’s stock worth $96,000 after acquiring an additional 62 shares in the last quarter. 95.61% of the stock is currently owned by institutional investors and hedge funds.
Simon Property Group Company Profile
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.
Featured Article: Technical Indicators – What is a Golden Cross?
Receive News & Ratings for Simon Property Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simon Property Group and related companies with MarketBeat.com's FREE daily email newsletter.