Why Simon Property Group's Stock Is Making New 52-Week Highs

Simon Property Group Inc SPG is trading higher Wednesday after several firms maintained bullish ratings on the stock and raised their price targets, respectively.

Multiple analyst firms raised price targets on Simon Property Group following the company's better-than-expected financial results:

• Morgan Stanley maintained an Overweight rating on the stock and raised the price target from $161 to $170.
• 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 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. 

The company also raised its quarterly dividend from $1.50 per share to $1.65 per share.

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 Wednesday's trading session.

The stock was up 3.63% at $164.77 at time of publication.