Shares of Simon Property Group Inc (NYSE:SPG) have received a consensus recommendation of “Hold” from the sixteen analysts that are currently covering the firm, Marketbeat reports. Eight analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $192.50.
Several research firms have recently issued reports on SPG. Barclays reaffirmed a “buy” rating and set a $202.00 price objective on shares of Simon Property Group in a research report on Tuesday, April 16th. Mizuho cut Simon Property Group to a “hold” rating and set a $193.00 target price for the company. in a research report on Tuesday, February 26th. Wells Fargo & Co cut Simon Property Group from an “overweight” rating to a “market weight” rating in a research report on Friday, February 8th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $191.00 target price on shares of Simon Property Group in a research report on Friday, February 1st.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Investment Advisory Services LLC acquired a new stake in Simon Property Group during the 4th quarter worth approximately $25,000. Global Retirement Partners LLC lifted its position in Simon Property Group by 150.0% during the 1st quarter. Global Retirement Partners LLC now owns 165 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 99 shares during the period. Community Bank N.A. acquired a new stake in Simon Property Group during the 4th quarter worth approximately $28,000. Legacy Advisors LLC acquired a new stake in Simon Property Group during the 1st quarter worth approximately $36,000. Finally, Lindbrook Capital LLC acquired a new stake in Simon Property Group during the 4th quarter worth approximately $35,000. 96.40% of the stock is owned by hedge funds and other institutional investors.
Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $3.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.02 by $0.02. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Simon Property Group had a return on equity of 62.69% and a net margin of 41.45%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.00 EPS. As a group, research analysts forecast that Simon Property Group will post 12.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a $2.05 dividend. The ex-dividend date is Thursday, May 16th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.71%. Simon Property Group’s dividend payout ratio (DPR) is presently 67.60%.
Simon Property Group announced that its Board of Directors has initiated a share repurchase plan on Tuesday, February 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
About Simon Property Group
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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