Simon Property Group Inc (SPG) is Reiterated by Stifel to Buy, Raises Price Target to $ 240

Simon Property Group Inc (SPG) was Reiterated by Stifel to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 240 from a previous price target of $232 . Stifel advised their investors in a research report released on Aug 1, 2016.

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 opened for trading at $223.93 and hit $229.1 on the upside on Friday, eventually ending the session at $227.04, with a gain of 1.33% or 2.97 points. The heightened volatility saw the trading volume jump to 12,60,546 shares. Company has a market cap of $70,250 M.

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.

Simon Property Group Inc

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