Simon Property Group, Inc. (SPG) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Simon Property Group, Inc. (NYSE:SPG) from a hold rating to a buy rating in a research report sent to investors on Wednesday. Zacks Investment Research currently has $182.00 price target on the real estate investment trust’s stock.
According to Zacks, “Simon Property recently announced the ground breaking of Denver Premium Outlets. The company also opened The Shops — a 500,000-square-foot upscale mixed-use development situated in Clearfork. Notably, the company has a diversified exposure to retail assets in the United States and abroad. Although, there is pressure from escalating Internet sales, the company is making concerted efforts to restructure its portfolio as well as upgrade services and amenities provided to its customers. The company has a healthy balance sheet and is taking initiatives to support omni-channel retailing. Such efforts augur well for long term growth. Further, shares of Simon Property have outperformed the industry it belongs to, over the past three months. Also, the Zacks Consensus Estimate for current-year funds from operations (FFO) per share remained unchanged in a month’s time.”
A number of other equities research analysts also recently issued reports on the company. Goldman Sachs Group, Inc. (The) raised Simon Property Group from a neutral rating to a buy rating and boosted their price target for the company from $175.00 to $185.00 in a research report on Tuesday, June 20th. Jefferies Group LLC reissued a buy rating on shares of Simon Property Group in a research report on Tuesday, July 25th. Stifel Nicolaus set a $170.00 price target on Simon Property Group and gave the company a hold rating in a research report on Sunday, August 27th. BMO Capital Markets started coverage on Simon Property Group in a research report on Monday, September 11th. They set an outperform rating and a $175.00 price target for the company. Finally, BidaskClub raised Simon Property Group from a sell rating to a hold rating in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $193.07.
Shares of Simon Property Group (NYSE SPG) traded down 0.31% during trading on Wednesday, reaching $164.57. The company had a trading volume of 1,045,680 shares. Simon Property Group has a 52 week low of $150.15 and a 52 week high of $199.85. The firm has a 50-day moving average of $159.89 and a 200 day moving average of $161.53. The firm has a market capitalization of $51.16 billion, a price-to-earnings ratio of 29.33 and a beta of 0.60.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.44 by $0.03. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the business earned $2.63 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, equities research analysts forecast that Simon Property Group will post $6.35 earnings per share for the current year.
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A number of institutional investors and hedge funds have recently modified their holdings of SPG. BlackRock Inc. boosted its holdings in Simon Property Group by 1,886.1% in the first quarter. BlackRock Inc. now owns 29,769,454 shares of the real estate investment trust’s stock valued at $5,121,238,000 after purchasing an additional 28,270,599 shares during the last quarter. Capital World Investors boosted its holdings in Simon Property Group by 25.4% in the second quarter. Capital World Investors now owns 20,788,000 shares of the real estate investment trust’s stock valued at $3,362,667,000 after purchasing an additional 4,210,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Simon Property Group by 2.1% in the first quarter. Vanguard Group Inc. now owns 45,481,675 shares of the real estate investment trust’s stock valued at $7,824,213,000 after purchasing an additional 923,592 shares during the last quarter. Eaton Vance Management boosted its holdings in Simon Property Group by 110.5% in the second quarter. Eaton Vance Management now owns 1,545,545 shares of the real estate investment trust’s stock valued at $250,007,000 after purchasing an additional 811,457 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. boosted its holdings in Simon Property Group by 118.1% in the second quarter. Uniplan Investment Counsel Inc. now owns 1,318,807 shares of the real estate investment trust’s stock valued at $88,381,000 after purchasing an additional 714,159 shares during the last quarter. 94.95% of the stock is owned by hedge funds and other 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.
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