Simon Property Group (SPG) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Simon Property Group (NYSE:SPG) from a hold rating to a buy rating in a research report sent to investors on Thursday. Zacks Investment Research currently has $197.00 price objective on the real estate investment trust’s stock.

According to Zacks, “Shares of Simon Property have outperformed its industry over the past three months. The trend in estimate revisions of current-year funds from operations (FFO) per share indicates a favorable outlook for the company. Recently, the company unveiled the 330,000-square-foot Denver Premium Outlets in the greater Denver area. Earlier, the company, along with Noble Investment Group, announced the inauguration of the Homewood Suites by Hilton Edina Minneapolis. The hotel is part of Southdale Center's mixed-use development. Notably, Simon Property has a diversified exposure to retail assets in the United States and abroad. It boasts a strong and improving balance sheet. Further, the company is poised to gain from new development, redevelopment, expansion and acquisition efforts. Its focus on transforming its properties is aimed at creating mixed-use destination to drive footfall. Yet, stiff competition from online retailing remains a concern.”

Other research analysts also recently issued research reports about the company. Jefferies Financial Group restated a $170.72 rating and issued a $194.00 target price on shares of Simon Property Group in a research note on Wednesday, July 18th. Citigroup raised their target price on Simon Property Group from $187.00 to $190.00 and gave the stock a buy rating in a research note on Tuesday, July 31st. BMO Capital Markets restated a buy rating and issued a $175.00 target price on shares of Simon Property Group in a research note on Monday, July 30th. Bank of America raised their target price on Simon Property Group from $193.00 to $203.00 and gave the stock a buy rating in a research note on Monday, September 10th. Finally, Mizuho restated a buy rating and issued a $188.00 target price on shares of Simon Property Group in a research note on Wednesday, August 1st. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $190.36.

Shares of NYSE SPG opened at $171.28 on Thursday. Simon Property Group has a 52 week low of $145.78 and a 52 week high of $186.03. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 6.13. The stock has a market capitalization of $56.62 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 2.43 and a beta of 0.53.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, July 30th. The real estate investment trust reported $1.77 EPS for the quarter, topping the consensus estimate of $1.64 by $0.13. Simon Property Group had a return on equity of 55.59% and a net margin of 40.11%. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the company earned $1.23 EPS. The firm’s revenue was up 2.0% compared to the same quarter last year. On average, equities analysts forecast that Simon Property Group will post 12.12 earnings per share for the current fiscal year.

In other news, insider John Rulli sold 1,330 shares of Simon Property Group stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $177.05, for a total transaction of $235,476.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.64% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of SPG. Advisors Asset Management Inc. lifted its position in Simon Property Group by 9,319.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 992,926 shares of the real estate investment trust’s stock worth $1,772,000 after buying an additional 982,385 shares during the last quarter. BlackRock Inc. lifted its position in Simon Property Group by 1.2% in the 2nd quarter. BlackRock Inc. now owns 30,623,068 shares of the real estate investment trust’s stock worth $5,211,739,000 after buying an additional 350,087 shares during the last quarter. Summit Trail Advisors LLC lifted its position in Simon Property Group by 13,759.4% in the 1st quarter. Summit Trail Advisors LLC now owns 321,122 shares of the real estate investment trust’s stock worth $321,000 after buying an additional 318,805 shares during the last quarter. Millennium Management LLC lifted its position in Simon Property Group by 69.5% in the 1st quarter. Millennium Management LLC now owns 686,785 shares of the real estate investment trust’s stock worth $106,005,000 after buying an additional 281,486 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in Simon Property Group by 53.2% in the 2nd quarter. American Century Companies Inc. now owns 793,973 shares of the real estate investment trust’s stock worth $135,126,000 after buying an additional 275,845 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Simon Property Group Company Profile

Simon is a global leader 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.

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