Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by Bleakley Financial Group LLC

Bleakley Financial Group LLC raised its position in Simon Property Group, Inc. (NYSE:SPG) by 6.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,955 shares of the real estate investment trust’s stock after buying an additional 340 shares during the period. Bleakley Financial Group LLC’s holdings in Simon Property Group were worth $849,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SPG. Financial Freedom LLC acquired a new stake in shares of Simon Property Group in the fourth quarter worth approximately $27,000. DT Investment Partners LLC boosted its stake in Simon Property Group by 714.3% during the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 200 shares during the last quarter. Arlington Trust Co LLC acquired a new stake in Simon Property Group during the 3rd quarter worth $25,000. Tyler Stone Wealth Management purchased a new stake in shares of Simon Property Group during the second quarter worth $27,000. Finally, Selway Asset Management acquired a new stake in shares of Simon Property Group in the third quarter valued at about $26,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Trading Up 0.9 %

Shares of SPG stock opened at $146.81 on Friday. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The firm has a market cap of $47.85 billion, a PE ratio of 21.03, a price-to-earnings-growth ratio of 7.64 and a beta of 1.65. The company has a 50-day moving average of $149.42 and a two-hundred day moving average of $134.10. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.15 EPS. On average, analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 5.31%. The ex-dividend date was Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group declared that its board has authorized a stock repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

SPG has been the subject of several research reports. Evercore ISI upped their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Piper Sandler increased 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. The Goldman Sachs Group boosted their price objective on Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday, December 21st. Morgan Stanley raised their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Finally, Truist Financial boosted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Simon Property Group presently has an average rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group Company Profile

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.