Simon Property Group, Inc. (NYSE:SPG) had its target price decreased by research analysts at Argus from $225.00 to $210.00 in a report released on Thursday, June 29th, MarketBeat.com reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Argus’ target price points to a potential upside of 30.82% from the stock’s current price.
A number of other brokerages also recently issued reports on SPG. Zacks Investment Research downgraded Simon Property Group from a “hold” rating to a “sell” rating in a report on Tuesday, March 7th. Jefferies Group LLC reissued a “buy” rating and issued a $210.00 target price on shares of Simon Property Group in a report on Monday, April 17th. Barclays PLC lowered their target price on Simon Property Group from $206.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. BTIG Research reaffirmed a “buy” rating and issued a $231.00 price objective on shares of Simon Property Group in a research note on Monday, April 3rd. Finally, Hilliard Lyons raised Simon Property Group from a “neutral” rating to a “buy” rating and set a $197.00 price objective on the stock in a research note on Friday, March 17th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the stock. Simon Property Group presently has an average rating of “Hold” and a consensus target price of $191.65.
Simon Property Group (SPG) traded down 3.49% during midday trading on Thursday, hitting $160.52. The stock had a trading volume of 2,032,458 shares. Simon Property Group has a 52 week low of $150.15 and a 52 week high of $229.10. The firm has a market cap of $50.11 billion, a price-to-earnings ratio of 27.47 and a beta of 0.58. The firm has a 50 day moving average of $159.89 and a 200 day moving average of $168.67.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by $0.02. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.36 billion. Simon Property Group had a net margin of 34.99% and a return on equity of 40.16%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.63 earnings per share. Equities research analysts predict that Simon Property Group will post $6.27 EPS for the current year.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Norway Savings Bank boosted its position in Simon Property Group by 75.3% in the first quarter. Norway Savings Bank now owns 640 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 275 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its position in Simon Property Group by 8.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 643 shares of the real estate investment trust’s stock valued at $111,000 after buying an additional 50 shares in the last quarter. Bessemer Group Inc. boosted its position in Simon Property Group by 13.4% in the fourth quarter. Bessemer Group Inc. now owns 718 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 85 shares in the last quarter. Alpha Windward LLC boosted its position in shares of Simon Property Group by 4.1% in the first quarter. Alpha Windward LLC now owns 763 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 30 shares during the period. Finally, Israel Discount Bank of New York GFN bought a new position in shares of Simon Property Group during the fourth quarter worth approximately $142,000. Institutional investors and hedge funds own 95.29% of the company’s stock.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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