Simon Property Group (NYSE:SPG) Stock Rating Upgraded by StockNews.com

Simon Property Group (NYSE:SPG) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Several other equities analysts have also recently weighed in on the company. The Goldman Sachs Group lifted their price target on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Morgan Stanley boosted their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Evercore ISI boosted their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Truist Financial boosted their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Finally, Piper Sandler boosted their target price on Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 20th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $140.90 on Thursday. The stock has a market cap of $45.92 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 7.47 and a beta of 1.65. Simon Property Group has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a fifty day moving average of $149.56 and a 200-day moving average of $135.19.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing the consensus estimate of $3.34 by ($1.05). The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. Simon Property Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.15 earnings per share. Equities research analysts anticipate that Simon Property Group will post 12.06 earnings per share for the current year.

Simon Property Group declared that its board has initiated a share repurchase program on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Simon Property Group

A number of hedge funds and other institutional investors have recently modified their holdings of SPG. AMI Investment Management Inc. boosted its holdings in shares of Simon Property Group by 1.2% in the 1st quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock worth $2,312,000 after purchasing an additional 204 shares in the last quarter. Raymond James Trust N.A. lifted its stake in shares of Simon Property Group by 9.8% in the 1st quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust’s stock valued at $544,000 after acquiring an additional 371 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Simon Property Group by 56.8% in the 1st quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust’s stock valued at $7,271,000 after acquiring an additional 20,022 shares during the last quarter. Prudential PLC bought a new stake in shares of Simon Property Group in the 1st quarter valued at about $642,000. Finally, Dakota Wealth Management bought a new stake in shares of Simon Property Group in the 1st quarter valued at about $390,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

About Simon Property Group

Simon is a real estate investment trust engaged 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.