Family Manage LLC bought a new position in Simon Property Group, Inc. (NYSE:SPG – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,395 shares of the real estate investment trust’s stock, valued at approximately $1,566,000.
Other hedge funds also recently made changes to their positions in the company. Stance Capital LLC bought a new position in Simon Property Group in the 3rd quarter worth approximately $26,000. Wilkerson Advisory Group LLC acquired a new stake in Simon Property Group in the 4th quarter valued at approximately $29,000. SHP Wealth Management bought a new stake in Simon Property Group during the 4th quarter valued at $34,000. Dynamic Wealth Strategies LLC raised its stake in Simon Property Group by 195.8% during the 1st quarter. Dynamic Wealth Strategies LLC now owns 210 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 139 shares in the last quarter. Finally, Cullen Frost Bankers Inc. boosted its position in Simon Property Group by 79.3% during the 4th quarter. Cullen Frost Bankers Inc. now owns 251 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 111 shares during the period. Institutional investors own 93.01% of the company’s stock.
Simon Property Group Trading Down 0.1%
Shares of SPG stock opened at $229.52 on Monday. The stock has a 50-day simple moving average of $215.92 and a 200 day simple moving average of $201.73. The stock has a market capitalization of $74.43 billion, a P/E ratio of 15.95, a P/E/G ratio of 2.97 and a beta of 1.29. Simon Property Group, Inc. has a fifty-two week low of $159.70 and a fifty-two week high of $231.52. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 4.68.
Simon Property Group Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 9th were issued a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Tuesday, June 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.20. Simon Property Group’s payout ratio is presently 62.54%.
Insiders Place Their Bets
In other Simon Property Group news, Director Gary M. Rodkin bought 256 shares of Simon Property Group stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average cost of $223.34 per share, for a total transaction of $57,175.04. Following the completion of the acquisition, the director owned 21,016 shares of the company’s stock, valued at approximately $4,693,713.44. This represents a 1.23% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marta R. Stewart purchased 182 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was acquired at an average price of $223.16 per share, for a total transaction of $40,615.12. Following the transaction, the director owned 18,000 shares of the company’s stock, valued at $4,016,880. The trade was a 1.02% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 2,387 shares of company stock worth $533,056. Company insiders own 8.73% of the company’s stock.
Analyst Upgrades and Downgrades
SPG has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft cut Simon Property Group from a “buy” rating to a “hold” rating and set a $220.00 price target for the company. in a research note on Thursday, July 9th. Truist Financial upped their price objective on shares of Simon Property Group from $196.00 to $215.00 and gave the stock a “hold” rating in a report on Tuesday, June 23rd. Barclays upped their price objective on shares of Simon Property Group from $212.00 to $213.00 and gave the stock an “equal weight” rating in a report on Thursday, June 25th. Citigroup raised their target price on shares of Simon Property Group from $189.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Finally, Bank of America raised their target price on shares of Simon Property Group from $225.00 to $236.00 and gave the company a “buy” rating in a research note on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $216.14.
Get Our Latest Analysis on Simon Property Group
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.
Read More
- Five stocks we like better than Simon Property Group
- RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade?
- These 4 Earnings Reports Expose the Market’s Growing Economic Divide
- Broadcom May Be the Biggest Winner From Alphabet’s Earnings
- Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit
Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG – Free Report).
Receive News & Ratings for Simon Property Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simon Property Group and related companies with MarketBeat.com's FREE daily email newsletter.
