Simon Property Group Inc (SPG) was Downgraded by Mizuho to ” Neutral” and the brokerage firm has set the Price Target at $238. Earlier the firm had a rating of “Buy ” on the company shares. Mizuho advised their investors in a research report released on Aug 3, 2016.
Many Wall Street Analysts have commented on Simon Property Group Inc. Company shares were Downgraded by RBC Capital Mkts on Aug 2, 2016 to ” Sector Perform”, Firm has raised the Price Target to $ 230 from a previous price target of $220 .Company shares were Reiterated by Stifel on Aug 1, 2016 to “Buy”, Firm has raised the Price Target to $ 240 from a previous price target of $232 .
On the company’s financial health, Simon Property Group Inc reported $2.63 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $2.62. The company had revenue of $1315.38 million for the quarter, compared to analysts expectations of $1347.01 million. The company’s revenue was down -2.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.41 EPS.
Simon Property Group Inc closed down -3.99 points or -1.75% at $223.61 with 13,01,904 shares getting traded on Tusday. Post opening the session at $226.58, the shares hit an intraday low of $223.21 and an intraday high of $227.5 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.
Investors should note that on Jul 27, 2016, Simon Property Group Inc announced a cash dividend of $1.6500. The company’s management has announced Aug 15, 2016 as the ex-dividend date and fixed the record date on Aug 17, 2016. The payable date has been fixed on Aug 31, 2016.
In a different news, on Apr 28, 2016, Allan B Hubbard (director) purchased 136 shares at $204.92 per share price. According to the SEC, on Mar 22, 2016, David J Contis (Sr. EVP/Pres.- Simon Malls) sold 11,000 shares at $202.63 per share price. On Aug 18, 2015, Steven K. Broadwater (SVP & Chief Accounting Officer) sold 1,489 shares at $194.17 per share price, according to the Form-4 filing with the securities and exchange commission.
Simon Property Group Inc. is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group L.P. (Operating Partnership) is the Company’s majority-owned partnership subsidiary that owns all of its real estate properties and other assets. The Company owns develops and manages retail real estate properties which consist primarily of malls Premium Outlets and The Mills. As of December 31 2014 the Company owned or held an interest in 207 properties in the United States which consisted of 109 malls 68 Premium Outlets 13 Mills three community centers and 14 other retail properties in 37 states and Puerto Rico. As of December 31 2014 the Company had ownership interests in nine Premium Outlets in Japan three Premium Outlets in South Korea two Premium Outlets in Canada one Premium Outlet in Mexico and one Premium Outlet in Malaysia. As of December 31 2014 the Company had non-controlling ownership interests in five outlet properties in Europe.