Ritholtz Wealth Management reduced its stake in Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 22.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,585 shares of the real estate investment trust's stock after selling 1,039 shares during the period. Ritholtz Wealth Management's holdings in Simon Property Group were worth $340,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the stock. Tradition Wealth Management LLC acquired a new stake in shares of Simon Property Group during the first quarter valued at about $25,000. Cyrus J. Lawrence LLC acquired a new stake in shares of Simon Property Group during the first quarter valued at about $29,000. Tyler Stone Wealth Management acquired a new stake in shares of Simon Property Group during the fourth quarter valued at about $38,000. SOA Wealth Advisors LLC. grew its stake in shares of Simon Property Group by 2,000.0% during the first quarter. SOA Wealth Advisors LLC. now owns 294 shares of the real estate investment trust's stock valued at $38,000 after acquiring an additional 280 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in shares of Simon Property Group during the first quarter valued at about $38,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.
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Several analysts have recently weighed in on SPG shares. Truist Financial lowered their target price on Simon Property Group from $130.00 to $125.00 and set a "hold" rating for the company in a research note on Monday, August 15th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Simon Property Group from $173.00 to $129.00 in a research report on Monday, July 18th. Compass Point reduced their price target 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. Piper Sandler reduced their price target on shares of Simon Property Group to $130.00 in a research report on Monday, July 4th. Finally, UBS Group increased their price target on shares of Simon Property Group from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 2nd. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.29.
Simon Property Group Stock Performance
Shares of NYSE SPG opened at $87.36 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 7.13. The firm's 50-day moving average price is $104.44 and its two-hundred day moving average price is $111.23. Simon Property Group, Inc. has a 52-week low of $86.02 and a 52-week high of $171.12. The stock has a market capitalization of $29.96 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.70 and a beta of 1.49.Simon Property Group (NYSE:SPG – Get Rating) last issued its earnings results on Monday, August 1st. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.08. The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. Simon Property Group had a net margin of 40.59% and a return on equity of 56.93%. Simon Property Group's revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company posted $2.92 earnings per share. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 11.66 earnings per share for the current year.
Simon Property Group Increases Dividend
The firm 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 dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 8.01%. The ex-dividend date of this dividend is Thursday, September 8th. This is a boost from Simon Property Group's previous quarterly dividend of $1.70. Simon Property Group's payout ratio is 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.
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