Bruce G. Allen Investments LLC bought a new position in Simon Property Group, Inc. (NYSE:SPG – Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 286 shares of the real estate investment trust’s stock, valued at approximately $41,000.
A number of other large investors have also bought and sold shares of the company. Cornerstone Wealth Management LLC purchased a new stake in Simon Property Group in the fourth quarter worth $238,000. Sound Income Strategies LLC grew its position in shares of Simon Property Group by 5.1% in the fourth quarter. Sound Income Strategies LLC now owns 86,689 shares of the real estate investment trust’s stock valued at $12,365,000 after purchasing an additional 4,187 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Simon Property Group by 4.6% in the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after purchasing an additional 6,703 shares in the last quarter. Dfpg Investments LLC purchased a new position in shares of Simon Property Group in the fourth quarter valued at $533,000. Finally, Wedmont Private Capital grew its position in shares of Simon Property Group by 53.7% in the fourth quarter. Wedmont Private Capital now owns 5,687 shares of the real estate investment trust’s stock valued at $809,000 after purchasing an additional 1,986 shares in the last quarter. 84.73% of the stock is owned by hedge funds and other institutional investors.
Simon Property Group Trading Up 0.9 %
Shares of SPG stock opened at $155.47 on Thursday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The business has a 50-day moving average price of $146.36 and a two-hundred day moving average price of $129.95. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $155.81. The firm has a market cap of $50.67 billion, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 8.10 and a beta of 1.65.
Simon Property Group (NYSE:SPG – Get Free Report) last issued its quarterly 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). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm earned $3.15 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Equities analysts anticipate that Simon Property Group, Inc. will post 12.04 EPS for the current fiscal year.
Simon Property Group announced that its board has authorized a share repurchase plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
Simon Property Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be paid a dividend of $1.95 per share. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $7.80 annualized dividend and a yield of 5.02%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is 111.75%.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the company. Evercore ISI lifted their price target on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, January 19th. Piper Sandler lifted their price target on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research report on Wednesday, December 20th. Truist Financial lifted their price objective on Simon Property Group from $128.00 to $139.00 and gave the company a “hold” rating in a research note on Tuesday, January 16th. Finally, Morgan Stanley lifted their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $139.33.
View Our Latest Stock Analysis on Simon Property Group
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.
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