Simon Property Group, Inc. (NYSE:SPG) Stake Increased by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its holdings in Simon Property Group, Inc. (NYSE:SPGFree Report) by 4.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,492 shares of the real estate investment trust’s stock after buying an additional 153 shares during the period. Ritholtz Wealth Management’s holdings in Simon Property Group were worth $498,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Salem Investment Counselors Inc. grew its stake in shares of Simon Property Group by 16.6% in the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 80 shares during the last quarter. Cascade Investment Group Inc. grew its position in Simon Property Group by 0.5% in the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after purchasing an additional 80 shares during the last quarter. Schechter Investment Advisors LLC increased its holdings in shares of Simon Property Group by 2.4% during the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after purchasing an additional 81 shares during the period. Evergreen Capital Management LLC raised its position in shares of Simon Property Group by 1.9% during the third quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after buying an additional 85 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Simon Property Group by 17.1% in the first quarter. Parkside Financial Bank & Trust now owns 638 shares of the real estate investment trust’s stock valued at $84,000 after buying an additional 93 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on SPG. Piper Sandler upped their price target on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. Evercore ISI raised their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Morgan Stanley boosted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Truist Financial increased their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Finally, The Goldman Sachs Group raised their target price on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $140.22.

Check Out Our Latest Analysis on SPG

Simon Property Group Stock Performance

NYSE:SPG opened at $156.49 on Monday. The stock has a market cap of $51.00 billion, a P/E ratio of 22.42, a PEG ratio of 8.21 and a beta of 1.65. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock has a 50 day simple moving average of $147.94 and a 200 day simple moving average of $132.03.

Simon Property Group (NYSE:SPGGet Free Report) last issued its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the firm posted $3.15 EPS. The firm’s revenue was up 9.1% compared to the same quarter last year. Research analysts anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group announced that its Board of Directors has authorized a share buyback program on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid a $1.95 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s payout ratio is currently 111.75%.

About Simon Property Group

(Free Report)

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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