Simon Property Group (NYSE:SPG) Price Target Raised to $150.00

Simon Property Group (NYSE:SPG) had its price objective upped by research analysts at Morgan Stanley from $140.00 to $150.00 in a report released on Friday, The Fly reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target points to a potential upside of 11.49% from the stock’s previous close. The analysts noted that the move was a valuation call.

SPG has been the subject of several other reports. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $112.00 to $128.00 in a research note on Monday, April 26th. BMO Capital Markets reiterated a “hold” rating on shares of Simon Property Group in a report on Thursday, May 20th. Piper Sandler increased their price objective on shares of Simon Property Group from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, May 21st. Mizuho lifted their target price on shares of Simon Property Group from $97.00 to $133.00 and gave the stock a “neutral” rating in a report on Tuesday, May 11th. Finally, UBS Group assumed coverage on shares of Simon Property Group in a report on Thursday, June 3rd. They issued a “neutral” rating and a $135.00 price target on the stock. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $117.06.

NYSE:SPG opened at $134.54 on Friday. The company has a market capitalization of $44.20 billion, a PE ratio of 38.11, a PEG ratio of 3.33 and a beta of 1.53. Simon Property Group has a 1-year low of $59.03 and a 1-year high of $136.70. The firm has a fifty day moving average price of $122.57. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, May 10th. The real estate investment trust reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.89). The firm had revenue of $1.24 billion during the quarter. Simon Property Group had a net margin of 24.94% and a return on equity of 40.13%. Simon Property Group’s revenue was down 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.43 EPS. Research analysts predict that Simon Property Group will post 9.79 EPS for the current year.

In other Simon Property Group news, Director J Albert Smith, Jr. bought 385 shares of the firm’s stock in a transaction on Friday, April 23rd. The shares were purchased at an average price of $116.37 per share, for a total transaction of $44,802.45. Following the completion of the transaction, the director now directly owns 8,807 shares in the company, valued at approximately $1,024,870.59. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 8.49% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Ameritas Investment Company LLC acquired a new position in shares of Simon Property Group during the first quarter worth $25,000. KB Financial Partners LLC bought a new stake in Simon Property Group during the 1st quarter worth $27,000. Benjamin F. Edwards & Company Inc. increased its holdings in Simon Property Group by 45.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 274 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 85 shares in the last quarter. Wealthcare Advisory Partners LLC bought a new position in Simon Property Group in the first quarter valued at about $33,000. Finally, Baystate Wealth Management LLC raised its position in Simon Property Group by 2,192.3% in the first quarter. Baystate Wealth Management LLC now owns 298 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 285 shares during the last quarter. Hedge funds and other institutional investors own 86.82% 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.

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