Simon Property Group (NYSE:SPG) Downgraded by Stifel Nicolaus to Hold

Stifel Nicolaus lowered shares of Simon Property Group (NYSE:SPG) from a buy rating to a hold rating in a report published on Tuesday, MarketBeat.com reports. The brokerage currently has $179.00 price objective on the real estate investment trust’s stock.

Several other brokerages also recently commented on SPG. Barclays began coverage on Simon Property Group in a research note on Wednesday, July 2nd. They issued an “equal weight” rating and a $170.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Simon Property Group from $180.00 to $184.00 and gave the stock a “neutral” rating in a research note on Friday, August 22nd. Truist Financial increased their price objective on Simon Property Group from $168.00 to $169.00 and gave the stock a “hold” rating in a research note on Monday, August 25th. Piper Sandler lowered their price objective on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, May 23rd. Finally, Scotiabank increased their price objective on Simon Property Group from $163.00 to $173.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 28th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Hold” and an average price target of $184.91.

Simon Property Group Stock Down 1.1%

SPG stock opened at $178.74 on Tuesday. The stock’s 50 day simple moving average is $167.74 and its 200 day simple moving average is $164.48. Simon Property Group has a fifty-two week low of $136.34 and a fifty-two week high of $190.13. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. The company has a market cap of $58.36 billion, a P/E ratio of 27.63, a price-to-earnings-growth ratio of 10.94 and a beta of 1.50.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.01. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business earned $2.90 EPS. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, research analysts expect that Simon Property Group will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given a dividend of $2.15 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.8%. Simon Property Group’s dividend payout ratio (DPR) is 129.83%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Larry C. Glasscock purchased 396 shares of the firm’s stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, with a total value of $63,078.84. Following the completion of the transaction, the director owned 43,185 shares of the company’s stock, valued at $6,878,938.65. The trade was a 0.93% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gary M. Rodkin purchased 246 shares of the firm’s stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, with a total value of $39,185.34. Following the completion of the transaction, the director directly owned 19,010 shares of the company’s stock, valued at $3,028,102.90. The trade was a 1.31% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 2,428 shares of company stock valued at $387,271 in the last ninety days. Insiders own 8.60% of the company’s stock.

Institutional Trading of Simon Property Group

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Simon Property Group by 0.3% in the second quarter. Vanguard Group Inc. now owns 45,839,312 shares of the real estate investment trust’s stock worth $7,369,128,000 after buying an additional 149,314 shares during the last quarter. State Street Corp boosted its holdings in shares of Simon Property Group by 1.1% in the second quarter. State Street Corp now owns 21,452,497 shares of the real estate investment trust’s stock worth $3,448,703,000 after acquiring an additional 228,819 shares during the period. Geode Capital Management LLC grew its position in shares of Simon Property Group by 1.3% in the second quarter. Geode Capital Management LLC now owns 9,592,471 shares of the real estate investment trust’s stock valued at $1,536,565,000 after purchasing an additional 127,636 shares in the last quarter. Norges Bank purchased a new position in shares of Simon Property Group in the second quarter valued at $1,051,262,000. Finally, JPMorgan Chase & Co. grew its position in shares of Simon Property Group by 34.2% in the second quarter. JPMorgan Chase & Co. now owns 6,512,383 shares of the real estate investment trust’s stock valued at $1,046,943,000 after purchasing an additional 1,660,188 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

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.