Simon Property Group (NYSE:SPG) Upgraded by StockNews.com to “Buy” Rating

Simon Property Group (NYSE:SPG) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Other equities research analysts also recently issued reports about the company. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $179.00 to $198.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft started coverage on Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price on the stock. Scotiabank set a $186.00 target price on Simon Property Group in a research report on Friday, February 28th. Mizuho raised their target price on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and raised their target price for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $180.33.

Simon Property Group Stock Performance

SPG traded down $2.33 during midday trading on Friday, hitting $162.12. 3,094,006 shares of the company were exchanged, compared to its average volume of 1,343,116. The company’s 50 day simple moving average is $176.11 and its 200 day simple moving average is $174.30. The firm has a market capitalization of $52.90 billion, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. Simon Property Group has a 1-year low of $139.25 and a 1-year high of $190.14.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. As a group, sell-side analysts predict that Simon Property Group will post 12.54 earnings per share for the current year.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 465 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were purchased at an average cost of $168.59 per share, with a total value of $78,394.35. Following the purchase, the director now owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new position in Simon Property Group in the 3rd quarter worth approximately $834,000. First Hawaiian Bank lifted its stake in Simon Property Group by 35.0% in the 4th quarter. First Hawaiian Bank now owns 5,294 shares of the real estate investment trust’s stock worth $912,000 after purchasing an additional 1,372 shares in the last quarter. Versant Capital Management Inc lifted its stake in Simon Property Group by 72.8% in the 4th quarter. Versant Capital Management Inc now owns 999 shares of the real estate investment trust’s stock worth $172,000 after purchasing an additional 421 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in Simon Property Group by 0.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 587,933 shares of the real estate investment trust’s stock worth $101,130,000 after purchasing an additional 3,990 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new position in Simon Property Group in the 4th quarter worth approximately $416,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

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.