Wedmont Private Capital Makes New $350,000 Investment in Simon Property Group, Inc. (NYSE:SPG)

Wedmont Private Capital bought a new position in Simon Property Group, Inc. (NYSE:SPG – Get Rating) in the 4th quarter, Holdings Channel reports. The firm bought 2,941 shares of the real estate investment trust’s stock, valued at approximately $350,000.

Several other hedge funds have also made changes to their positions in the company. Community Bank N.A. purchased a new stake in shares of Simon Property Group during the 3rd quarter worth $26,000. Riverview Trust Co lifted its stake in shares of Simon Property Group by 46.0% during the 3rd quarter. Riverview Trust Co now owns 308 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 97 shares during the last quarter. Trustcore Financial Services LLC purchased a new stake in shares of Simon Property Group during the 3rd quarter worth $31,000. Zions Bancorporation N.A. lifted its stake in shares of Simon Property Group by 61.8% during the 3rd quarter. Zions Bancorporation N.A. now owns 356 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 136 shares during the last quarter. Finally, Ronald Blue Trust Inc. lifted its stake in shares of Simon Property Group by 291.1% during the 3rd quarter. Ronald Blue Trust Inc. now owns 352 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 262 shares during the last quarter. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPG has been the subject of a number of analyst reports. Mizuho decreased their price objective on Simon Property Group from $130.00 to $116.00 in a research note on Monday, March 13th. Truist Financial increased their price target on Simon Property Group from $125.00 to $130.00 and gave the company a “hold” rating in a research note on Tuesday, February 21st. Morgan Stanley increased their price target on Simon Property Group from $131.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday, February 22nd. Piper Sandler increased their price target on Simon Property Group from $130.00 to $145.00 in a research note on Tuesday, January 17th. Finally, Citigroup increased their price target on Simon Property Group from $100.00 to $120.00 in a research note on Wednesday, December 14th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $130.58.

Simon Property Group Stock Down 4.5 %

Shares of SPG stock opened at $104.31 on Friday. The stock’s 50-day simple moving average is $122.36 and its 200-day simple moving average is $113.25. The company has a debt-to-equity ratio of 6.99, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $34.10 billion, a PE ratio of 16.00, a P/E/G ratio of 2.57 and a beta of 1.52. Simon Property Group, Inc. has a fifty-two week low of $86.02 and a fifty-two week high of $138.65.

Simon Property Group (NYSE:SPG – Get Rating) last announced its quarterly earnings data 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). The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.29 billion. Simon Property Group had a net margin of 40.43% and a return on equity of 60.33%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.09 earnings per share. Equities analysts expect that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group Dividend Announcement

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

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.