Evercore ISI Upgrades Simon Property Group (NYSE:SPG) to “Outperform”

Simon Property Group (NYSE:SPG) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued on Monday, Marketbeat.com reports. The firm currently has a $172.00 price target on the real estate investment trust’s stock, up from their prior price target of $160.00. Evercore ISI’s price objective would indicate a potential upside of 4.87% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Stifel Nicolaus reissued a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday. Argus boosted their price objective on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Scotiabank upped their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Truist Financial boosted their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Trading Up 0.2 %

Shares of SPG stock opened at $164.02 on Monday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The firm’s 50 day moving average price is $157.48 and its two-hundred day moving average price is $151.62. The stock has a market cap of $53.48 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 8.97 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.88 earnings per share. On average, analysts anticipate that Simon Property Group will post 12.85 EPS for the current year.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz purchased 486 shares of Simon Property Group stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Simon Property Group

Several hedge funds and other institutional investors have recently made changes to their positions in SPG. Avantax Advisory Services Inc. boosted its position in Simon Property Group by 1.6% during the 4th quarter. Avantax Advisory Services Inc. now owns 5,459 shares of the real estate investment trust’s stock worth $779,000 after acquiring an additional 86 shares during the period. Janney Montgomery Scott LLC increased its stake in Simon Property Group by 5.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 57,409 shares of the real estate investment trust’s stock valued at $8,189,000 after buying an additional 2,895 shares during the period. Meridian Wealth Management LLC bought a new stake in shares of Simon Property Group during the 4th quarter worth about $235,000. Kingsview Wealth Management LLC acquired a new stake in shares of Simon Property Group in the 4th quarter worth approximately $227,000. Finally, Brown Advisory Inc. boosted its holdings in shares of Simon Property Group by 5.9% in the fourth quarter. Brown Advisory Inc. now owns 6,381 shares of the real estate investment trust’s stock valued at $910,000 after acquiring an additional 353 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

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.