Simon Property Group (NYSE:SPG) Coverage Initiated at Barclays

Stock analysts at Barclays started coverage on shares of Simon Property Group (NYSE:SPG) in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $170.00 price target on the real estate investment trust’s stock. Barclays‘s price target would suggest a potential upside of 2.12% from the stock’s previous close.

Several other equities research analysts also recently commented on SPG. Piper Sandler cut their target price on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, May 23rd. JPMorgan Chase & Co. cut their price target on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Stifel Nicolaus increased their price objective on Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Mizuho lowered their target price on Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research report on Tuesday, June 10th. Finally, Wall Street Zen lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $178.50.

Simon Property Group Stock Up 0.4%

Shares of NYSE SPG opened at $166.47 on Wednesday. Simon Property Group has a 52 week low of $136.34 and a 52 week high of $190.14. The stock’s fifty day moving average is $160.66 and its 200 day moving average is $166.50. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market capitalization of $54.34 billion, a P/E ratio of 26.51, a PEG ratio of 9.25 and a beta of 1.43.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, beating the consensus estimate of $2.91 by $0.04. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.56 earnings per share. Sell-side analysts forecast that Simon Property Group will post 12.54 earnings per share for the current fiscal year.

Insider Transactions at Simon Property Group

In related news, Director Glyn Aeppel purchased 234 shares of the firm’s stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the completion of the acquisition, the director owned 19,057 shares of the company’s stock, valued at $3,035,589.53. This represents a 1.24% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Reuben S. Leibowitz acquired 522 shares of the company’s stock in a transaction on Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the purchase, the director owned 58,195 shares in the company, valued at approximately $9,269,881.55. This represents a 0.91% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 2,386 shares of company stock valued at $380,066. Corporate insiders own 8.66% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Simon Property Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust’s stock worth $7,588,195,000 after purchasing an additional 267,503 shares during the period. Norges Bank purchased a new stake in Simon Property Group during the fourth quarter worth about $2,059,505,000. Geode Capital Management LLC raised its position in Simon Property Group by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock worth $1,577,600,000 after acquiring an additional 230,982 shares during the period. Northern Trust Corp boosted its stake in Simon Property Group by 1.8% in the first quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust’s stock valued at $923,236,000 after acquiring an additional 96,126 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Simon Property Group by 3.0% in the first quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust’s stock valued at $805,853,000 after acquiring an additional 141,657 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

About Simon Property Group

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.