Simon Property Group (NYSE:SPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Shares of Simon Property have outperformed the industry it belongs to in the past three months. Recently, it settled litigation with Starbucks over the Teavana store closure and this settlement removes the litigation overhang issue from Simon Property. Notably, in a bid to beat the retail blues, Simon Property is focused on offering a comprehensive digital experience to its customers. Further, to make its shopping malls more appealing, it is overhauling its properties and increasingly adopting omni-channel strategies. The company has also resorted to micro-retail modeling that offers store units ranging from 20-200 square feet of space. While Simon Property is putting in every effort to enhance the value of its assets, the implementation of such measures requires a decent upfront cost and therefore, would limit any robust growth in its profit margins in the near term. Also, rate hike have added to its woes.”
SPG has been the subject of several other reports. SunTrust Banks set a $170.00 target price on shares of Simon Property Group and gave the company a “hold” rating in a report on Sunday, October 29th. Stifel Nicolaus reaffirmed a “hold” rating and set a $170.00 target price on shares of Simon Property Group in a report on Thursday, October 12th. Royal Bank of Canada reaffirmed a “hold” rating and set a $176.00 target price on shares of Simon Property Group in a report on Thursday, November 2nd. Argus cut their target price on shares of Simon Property Group from $200.00 to $195.00 and set a “buy” rating for the company in a report on Tuesday, October 31st. Finally, Boenning Scattergood set a $240.00 price target on shares of Simon Property Group and gave the company a “buy” rating in a research note on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $191.11.
Simon Property Group (NYSE SPG) traded down $3.15 on Friday, reaching $164.25. 1,947,500 shares of the company’s stock were exchanged, compared to its average volume of 1,695,208. Simon Property Group has a 12 month low of $150.15 and a 12 month high of $187.35. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 5.57. The stock has a market cap of $52,550.00, a price-to-earnings ratio of 29.02, a PEG ratio of 2.09 and a beta of 0.62.
Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, October 27th. The real estate investment trust reported $2.89 earnings per share for the quarter, beating the consensus estimate of $2.88 by $0.01. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. Simon Property Group had a net margin of 31.96% and a return on equity of 41.85%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.70 EPS. equities research analysts anticipate that Simon Property Group will post 11.21 EPS for the current fiscal year.
In other Simon Property Group news, SVP Steven K. Broadwater sold 621 shares of Simon Property Group stock in a transaction on Friday, December 29th. The shares were sold at an average price of $171.95, for a total transaction of $106,780.95. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 8.42% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its position in shares of Simon Property Group by 0.7% during the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 973 shares of the real estate investment trust’s stock valued at $157,000 after acquiring an additional 7 shares during the last quarter. WFG Advisors LP increased its stake in shares of Simon Property Group by 1.3% during the second quarter. WFG Advisors LP now owns 1,841 shares of the real estate investment trust’s stock worth $298,000 after buying an additional 23 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Simon Property Group by 1.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 15,596 shares of the real estate investment trust’s stock valued at $2,523,000 after purchasing an additional 173 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Simon Property Group by 69.7% in the third quarter. Parallel Advisors LLC now owns 772 shares of the real estate investment trust’s stock valued at $124,000 after purchasing an additional 317 shares in the last quarter. Finally, Phocas Financial Corp. boosted its holdings in Simon Property Group by 2.5% in the second quarter. Phocas Financial Corp. now owns 13,323 shares of the real estate investment trust’s stock valued at $2,155,000 after purchasing an additional 325 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.
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About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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