Investors Research Corp raised its position in Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 7.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 10,107 shares of the real estate investment trust's stock after purchasing an additional 670 shares during the period. Investors Research Corp's holdings in Simon Property Group were worth $959,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Westwood Wealth Management acquired a new position in shares of Simon Property Group during the 1st quarter valued at $13,814,000. Tradition Wealth Management LLC acquired a new position in shares of Simon Property Group during the 1st quarter valued at $25,000. Cyrus J. Lawrence LLC acquired a new position in shares of Simon Property Group during the 1st quarter valued at $29,000. Tyler Stone Wealth Management acquired a new position in shares of Simon Property Group during the 4th quarter valued at $38,000. Finally, Vectors Research Management LLC acquired a new position in shares of Simon Property Group during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 81.86% of the company's stock.
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Analyst Ratings Changes
SPG has been the topic of a number of research reports. Compass Point dropped their target price on shares of Simon Property Group from $200.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, June 22nd. UBS Group upped their price objective on shares of Simon Property Group from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Tuesday, August 2nd. Morgan Stanley lowered their price objective on shares of Simon Property Group from $133.00 to $131.00 and set an "overweight" rating on the stock in a report on Monday, August 29th. Truist Financial lowered their price objective on shares of Simon Property Group from $130.00 to $125.00 and set a "hold" rating on the stock in a report on Monday, August 15th. Finally, Evercore ISI reduced their target price on shares of Simon Property Group from $119.00 to $114.00 and set an "outperform" rating for the company in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Simon Property Group presently has a consensus rating of "Moderate Buy" and an average target price of $138.43.
Simon Property Group Stock Performance
NYSE SPG traded up $1.10 during trading on Friday, hitting $90.23. 66,043 shares of the company's stock traded hands, compared to its average volume of 2,075,240. The stock has a market capitalization of $30.94 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.75 and a beta of 1.49. Simon Property Group, Inc. has a 12-month low of $86.02 and a 12-month high of $171.12. The company has a debt-to-equity ratio of 7.13, a quick ratio of 1.02 and a current ratio of 1.02. The business has a 50 day moving average of $103.65 and a 200-day moving average of $110.68.
Simon Property Group (NYSE:SPG – Get Rating) last released its quarterly earnings data on Monday, August 1st. The real estate investment trust reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Simon Property Group had a net margin of 40.59% and a return on equity of 56.93%. The company's revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.92 earnings per share. As a group, equities research analysts anticipate that Simon Property Group, Inc. will post 11.66 earnings per share for the current fiscal year.
Simon Property Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 7.76%. This is an increase from Simon Property Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Thursday, September 8th. Simon Property Group's dividend payout ratio is presently 109.20%.
Simon Property Group Profile
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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.
Further Reading
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