Simon Property Group Inc (SPG) reported quarterly earnings results on Tuesday, Apr-26-2016. The company said it had a profit of $2.63 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.09. Analysts had a consensus of $2.54. The company posted revenue of $1336.70 million in the period, compared to analysts expectations of $1297.81 million. The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.28 EPS.
Many Wall Street Analysts have commented on Simon Property Group Inc. Mizuho Initiated Simon Property Group Inc on Apr 14, 2016 to “Buy”, Price Target of the shares are set at $233.Company shares were Reiterated by Stifel on Mar 21, 2016 to “Buy”, Firm has raised the Price Target to $ 232 from a previous price target of $220 .Shares were Reiterated by RBC Capital Mkts on Feb 2, 2016 to “Outperform” and Lowered the Price Target to $ 215 from a previous price target of $225 .
Simon Property Group Inc opened for trading at $199.79 and hit $202.69 on the upside on Friday, eventually ending the session at $202.14, with a gain of 1.43% or 2.85 points. The heightened volatility saw the trading volume jump to 13,97,773 shares. Company has a market cap of $63,637 M.
In a different news, on Mar 22, 2016, David J Contis (Sr. EVP/Pres.- Simon Malls) sold 11,000 shares at $202.63 per share price. According to the SEC, on Dec 22, 2015, Allan B Hubbard (director) purchased 145 shares at $192.70 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.