Benzinga | Nov 2, 2021 11:35AM EDT

Why Simon Property Group Shares Are Rising Today

Simon Property Group Inc (NYSE:SPG) is trading higher after the company announced strong third-quarter financial results.

Simon Property Group reported quarterly net income of $2.07 per diluted share, up from 48 cents per diluted share year-over-year. The company reported that funds from operations were $1.176 billion, representing a 57.20% increase year-over-year.

Simon Property Group raised its quarterly dividend from $1.50 per share to $1.65 per share.

Simon Property Group expects full-year 2021 net income to be in a range of $6.61 to $6.71 per diluted share.

"Occupancy gains continued, retailer sales accelerated, including our owned brands, and cash flow increased. Based upon results to date and expectations for the remainder of 2021, we are once again increasing full-year 2021 guidance and raising our quarterly dividend," said David Simon, chairman, president and CEO of Simon Property Group.

Analyst Assessment: Multiple Analyst firms raised price targets on the stock following Simon Property Group's financial results:

* Mizuho analyst Haendel St. Juste maintained Simon Property Group with a Neutral rating and raised the price target from $133 to $150.

* Evercore ISI Group analyst Steve Sakwa maintained Simon Property Group with an Outperform rating and raised the price target from $164 to $168.

* Compass Point analyst Floris Van Dijkum maintained Simon Property Group with a Buy rating and raised the price target from $175 to $200.

Simon Property Group is the second-largest real estate investment trust in the United States.

SPG Price Action: Simon Property Group is making new 52-week highs during Tuesday's trading session.

The stock was up 4.14% at $155.57 at time of publication.