Sunbelt Securities Inc. Raises Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Sunbelt Securities Inc. increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 14.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,180 shares of the real estate investment trust’s stock after purchasing an additional 391 shares during the period. Sunbelt Securities Inc.’s holdings in Simon Property Group were worth $285,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in SPG. BlackRock Inc. boosted its position in shares of Simon Property Group by 5.6% in the third quarter. BlackRock Inc. now owns 35,534,798 shares of the real estate investment trust’s stock worth $3,189,248,000 after buying an additional 1,886,532 shares during the period. Cohen & Steers Inc. grew its position in Simon Property Group by 4.9% in the third quarter. Cohen & Steers Inc. now owns 24,414,736 shares of the real estate investment trust’s stock valued at $2,191,087,000 after acquiring an additional 1,135,612 shares in the last quarter. Cowa LLC purchased a new position in shares of Simon Property Group in the first quarter valued at $107,000. Daiwa Securities Group Inc. increased its stake in Simon Property Group by 7.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 4,693,803 shares of the real estate investment trust’s stock worth $421,269,000 after buying an additional 333,220 shares during the period. Finally, Legal & General Group Plc grew its stake in shares of Simon Property Group by 0.6% during the second quarter. Legal & General Group Plc now owns 4,158,223 shares of the real estate investment trust’s stock valued at $394,698,000 after acquiring an additional 23,156 shares in the last quarter. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Trading Down 4.5 %

Shares of NYSE:SPG opened at $104.31 on Friday. Simon Property Group, Inc. has a 12-month low of $86.02 and a 12-month high of $138.65. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 6.99. The firm has a market capitalization of $34.10 billion, a P/E ratio of 16.00, a price-to-earnings-growth ratio of 2.64 and a beta of 1.52. The firm has a fifty day moving average of $122.36 and a two-hundred day moving average of $113.18.

Simon Property Group (NYSE:SPG – Get Rating) last announced its quarterly earnings results on Monday, February 6th. The real estate investment trust reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $3.14 by ($1.08). Simon Property Group had a return on equity of 60.33% and a net margin of 40.43%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the firm earned $3.09 EPS. Simon Property Group’s quarterly revenue was up 5.6% on a year-over-year basis. On average, equities analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 10th will be given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 6.90%. The ex-dividend date is Thursday, March 9th. Simon Property Group’s dividend payout ratio is 110.43%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Citigroup raised their price objective on Simon Property Group from $100.00 to $120.00 in a research note on Wednesday, December 14th. Truist Financial boosted their price target on Simon Property Group from $125.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 21st. StockNews.com initiated coverage on Simon Property Group in a research note on Thursday. They set a “hold” rating on the stock. Mizuho decreased their price target on shares of Simon Property Group from $130.00 to $116.00 in a report on Monday, March 13th. Finally, Piper Sandler boosted their price objective on shares of Simon Property Group from $130.00 to $145.00 in a research report on Tuesday, January 17th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $130.58.

Simon Property Group Company Profile

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Simon Property Group, Inc is a self-administered and self-managed real estate investment trust, which engages in the ownership, development, and management of shopping, dining, entertainment, and mixed-used destinations, which consist primarily of malls, Premium Outlets, and The Mills. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in 1993 and is headquartered in Indianapolis, IN.