Sanctuary Advisors LLC lifted its stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 48.1% in the 1st quarter, Holdings Channel reports. The firm owned 34,533 shares of the real estate investment trust’s stock after purchasing an additional 11,209 shares during the quarter. Sanctuary Advisors LLC’s holdings in Simon Property Group were worth $6,442,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in SPG. PFG Investments LLC grew its position in Simon Property Group by 2.2% during the first quarter. PFG Investments LLC now owns 2,341 shares of the real estate investment trust’s stock worth $437,000 after buying an additional 50 shares during the period. Great Valley Advisor Group Inc. lifted its position in shares of Simon Property Group by 2.3% during the 4th quarter. Great Valley Advisor Group Inc. now owns 2,360 shares of the real estate investment trust’s stock valued at $437,000 after acquiring an additional 52 shares during the period. Veridan Wealth LLC boosted its stake in shares of Simon Property Group by 1.2% during the 4th quarter. Veridan Wealth LLC now owns 4,563 shares of the real estate investment trust’s stock worth $845,000 after acquiring an additional 53 shares in the last quarter. CYBER HORNET ETFs LLC boosted its stake in shares of Simon Property Group by 6.2% during the 4th quarter. CYBER HORNET ETFs LLC now owns 936 shares of the real estate investment trust’s stock worth $173,000 after acquiring an additional 55 shares in the last quarter. Finally, Embree Financial Group boosted its stake in shares of Simon Property Group by 2.4% during the 4th quarter. Embree Financial Group now owns 2,414 shares of the real estate investment trust’s stock worth $447,000 after acquiring an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.
Simon Property Group Price Performance
Simon Property Group stock opened at $228.47 on Friday. The stock has a market capitalization of $74.09 billion, a P/E ratio of 15.88, a P/E/G ratio of 2.95 and a beta of 1.29. Simon Property Group, Inc. has a 12-month low of $159.70 and a 12-month high of $231.53. The company has a debt-to-equity ratio of 4.68, a current ratio of 0.84 and a quick ratio of 0.84. The firm’s 50-day moving average is $213.40 and its two-hundred day moving average is $200.15.
Simon Property Group Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th were paid a dividend of $2.25 per share. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.20. Simon Property Group’s dividend payout ratio is currently 62.54%.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on SPG shares. Jefferies Financial Group raised Simon Property Group to a “strong-buy” rating in a research note on Friday, June 26th. Citigroup boosted their target price on Simon Property Group from $189.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Truist Financial upped their target price on Simon Property Group from $196.00 to $215.00 and gave the company a “hold” rating in a report on Tuesday, June 23rd. Morgan Stanley raised their price target on Simon Property Group from $205.00 to $207.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 9th. Finally, Stifel Nicolaus lifted their price target on Simon Property Group from $185.00 to $194.00 and gave the stock a “hold” rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $212.21.
View Our Latest Stock Analysis on SPG
Insider Activity at Simon Property Group
In other Simon Property Group news, Director Reuben S. Leibowitz acquired 508 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were acquired at an average price of $223.38 per share, for a total transaction of $113,477.04. Following the completion of the acquisition, the director directly owned 55,797 shares of the company’s stock, valued at $12,463,933.86. This trade represents a 0.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Daniel C. Smith acquired 372 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were acquired at an average price of $223.31 per share, for a total transaction of $83,071.32. Following the acquisition, the director directly owned 34,480 shares of the company’s stock, valued at approximately $7,699,728.80. The trade was a 1.09% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 2,387 shares of company stock worth $533,056. Company insiders own 8.73% of the company’s stock.
Simon Property Group Profile
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
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