Mission Wealth Management LP Sells 81 Shares of Simon Property Group, Inc. (NYSE:SPG)

Mission Wealth Management LP lowered its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,789 shares of the real estate investment trust’s stock after selling 81 shares during the period. Mission Wealth Management LP’s holdings in Simon Property Group were worth $255,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SPG. DT Investment Partners LLC increased its holdings in shares of Simon Property Group by 714.3% during the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 200 shares in the last quarter. BOK Financial Private Wealth Inc. bought a new stake in Simon Property Group during the 4th quarter valued at about $34,000. Selway Asset Management purchased a new position in Simon Property Group in the third quarter worth about $26,000. Bruce G. Allen Investments LLC bought a new position in shares of Simon Property Group in the fourth quarter worth approximately $41,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Simon Property Group in the third quarter worth approximately $33,000. Institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on SPG. Morgan Stanley boosted their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Evercore ISI lifted their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Truist Financial lifted their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Stock Performance

SPG stock opened at $142.93 on Friday. 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, Inc. has a 1 year low of $100.17 and a 1 year high of $157.82. The company has a market cap of $46.58 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 7.42 and a beta of 1.68. The stock’s fifty day moving average price is $148.36 and its 200-day moving average price is $137.77.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm had revenue of $1.53 billion during 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 company’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 earnings per share. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 5.46%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. Simon Property Group’s payout ratio is 111.75%.

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

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.