Mizuho Raises Simon Property Group (NYSE:SPG) Price Target to $158.00

Simon Property Group (NYSE:SPG) had its price target raised by Mizuho from $155.00 to $158.00 in a report published on Monday, Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently commented on SPG. Scotiabank raised their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a sector perform rating in a report on Thursday, May 16th. Stifel Nicolaus raised their target price on Simon Property Group from $152.00 to $157.50 and gave the company a buy rating in a research note on Tuesday, August 6th. Evercore ISI upped their price target on Simon Property Group from $150.00 to $155.00 and gave the stock an in-line rating in a research note on Tuesday, August 6th. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a research note on Friday, August 16th. Finally, Argus upped their target price on Simon Property Group from $157.00 to $168.00 and gave the stock a buy rating in a research report on Tuesday, June 11th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus price target of $153.95.

Simon Property Group Stock Up 1.0 %

Shares of NYSE:SPG opened at $161.04 on Monday. Simon Property Group has a 1 year low of $102.11 and a 1 year high of $161.30. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The business’s 50-day moving average is $151.72 and its 200-day moving average is $149.43. The company has a market capitalization of $52.51 billion, a price-to-earnings ratio of 20.51, a P/E/G ratio of 8.58 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period last year, the firm posted $2.88 earnings per share. Equities research analysts predict that Simon Property Group will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. The ex-dividend date of this dividend is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 5.09%. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 486 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the transaction, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On Simon Property Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clearstead Trust LLC bought a new position in shares of Simon Property Group in the first quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new position in Simon Property Group in the 1st quarter valued at $26,000. Opal Wealth Advisors LLC bought a new position in Simon Property Group in the 2nd quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group in the 2nd quarter valued at $27,000. Finally, Pathway Financial Advisers LLC bought a new position in Simon Property Group in the 1st quarter valued at $29,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

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.