Piper Sandler Cuts Simon Property Group (NYSE:SPG) Price Target to $200.00

Simon Property Group (NYSE:SPG) had its target price trimmed by Piper Sandler from $205.00 to $200.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Several other research firms have also issued reports on SPG. JPMorgan Chase & Co. dropped their price objective on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research note on Thursday. Scotiabank decreased their target price on Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Stifel Nicolaus upped their target price on Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and an average price target of $179.20.

Simon Property Group Price Performance

NYSE:SPG opened at $156.85 on Friday. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The stock’s 50 day moving average price is $157.74 and its two-hundred day moving average price is $170.45. The firm has a market capitalization of $51.20 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 10.10 and a beta of 1.43. Simon Property Group has a 12-month low of $136.34 and a 12-month high of $190.14.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.04. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.56 earnings per share. On average, analysts anticipate that Simon Property Group will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group’s dividend payout ratio is currently 133.76%.

Institutional Investors Weigh In On Simon Property Group

A number of large investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC grew its position in Simon Property Group by 354.5% during the first quarter. Acadian Asset Management LLC now owns 530,630 shares of the real estate investment trust’s stock worth $88,115,000 after buying an additional 413,871 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Simon Property Group by 68.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,433 shares of the real estate investment trust’s stock worth $238,000 after buying an additional 583 shares in the last quarter. Intech Investment Management LLC grew its position in Simon Property Group by 8.8% during the first quarter. Intech Investment Management LLC now owns 31,926 shares of the real estate investment trust’s stock worth $5,302,000 after buying an additional 2,572 shares in the last quarter. Focus Partners Wealth grew its position in Simon Property Group by 89.0% during the first quarter. Focus Partners Wealth now owns 114,156 shares of the real estate investment trust’s stock worth $18,959,000 after buying an additional 53,764 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Simon Property Group by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,636,637 shares of the real estate investment trust’s stock worth $603,973,000 after buying an additional 225,518 shares in the last quarter. Institutional investors and hedge funds 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.