Simon Property Group (NYSE:SPG) Stock Rating Upgraded by StockNews.com

Simon Property Group (NYSE:SPG) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

A number of other brokerages have also weighed in on SPG. Piper Sandler lifted their price objective on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. Evercore ISI increased their price objective on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Truist Financial boosted their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. The Goldman Sachs Group raised their price objective on shares of Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. Finally, Morgan Stanley boosted their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Stock Performance

Shares of SPG stock opened at $140.44 on Thursday. The stock’s 50-day moving average is $149.36 and its two-hundred day moving average is $135.48. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. Simon Property Group has a 1 year low of $100.17 and a 1 year high of $157.82. The firm has a market cap of $45.77 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 7.39 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the company earned $3.15 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. Analysts predict that Simon Property Group will post 12.06 earnings per share for the current year.

Simon Property Group declared that its board has authorized a stock repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Simon Property Group in the 4th quarter valued at $2,561,181,000. Geode Capital Management LLC lifted its stake in shares of Simon Property Group by 10.4% during the first quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock worth $910,337,000 after purchasing an additional 765,146 shares in the last quarter. Cowa LLC acquired a new position in shares of Simon Property Group during the first quarter worth about $107,000. Morgan Stanley grew its stake in shares of Simon Property Group by 6.9% in the fourth quarter. Morgan Stanley now owns 6,500,305 shares of the real estate investment trust’s stock valued at $763,656,000 after buying an additional 421,554 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Simon Property Group by 15.8% during the 4th quarter. Legal & General Group Plc now owns 4,912,834 shares of the real estate investment trust’s stock valued at $700,767,000 after buying an additional 670,286 shares during the period. Hedge funds and other institutional investors own 93.01% 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.