LPL Financial LLC increased its stake in Simon Property Group Inc (NYSE:SPG) by 2.1% in the fourth quarter, HoldingsChannel reports. The firm owned 11,188 shares of the real estate investment trust’s stock after acquiring an additional 235 shares during the quarter. LPL Financial LLC’s holdings in Simon Property Group were worth $1,879,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Spectrum Management Group Inc. increased its holdings in shares of Simon Property Group by 10.4% in the 4th quarter. Spectrum Management Group Inc. now owns 20,894 shares of the real estate investment trust’s stock valued at $3,510,000 after purchasing an additional 1,973 shares in the last quarter. Crown Advisors Management Inc. purchased a new position in shares of Simon Property Group in the 4th quarter valued at about $2,520,000. Lindbrook Capital LLC purchased a new position in shares of Simon Property Group in the 4th quarter valued at about $35,000. Athena Capital Advisors LLC purchased a new position in shares of Simon Property Group in the 4th quarter valued at about $40,000. Finally, Greenleaf Trust increased its holdings in shares of Simon Property Group by 3.7% in the 4th quarter. Greenleaf Trust now owns 2,843 shares of the real estate investment trust’s stock valued at $478,000 after purchasing an additional 101 shares in the last quarter. Institutional investors and hedge funds own 93.37% of the company’s stock.
A number of brokerages have recently issued reports on SPG. Wells Fargo & Co downgraded shares of Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Morgan Stanley set a $180.00 target price on shares of Simon Property Group and gave the company a “hold” rating in a report on Tuesday, November 27th. Mizuho downgraded shares of Simon Property Group to a “hold” rating and set a $193.00 target price for the company. in a report on Tuesday, February 26th. Scotiabank set a $183.00 target price on shares of Simon Property Group and gave the company a “hold” rating in a report on Monday, November 12th. Finally, Deutsche Bank set a $191.00 target price on shares of Simon Property Group and gave the company a “hold” rating in a report on Friday, November 30th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Simon Property Group currently has an average rating of “Buy” and a consensus target price of $194.67.
Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Friday, February 1st. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.24 by ($0.01). Simon Property Group had a return on equity of 63.21% and a net margin of 43.11%. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period in the prior year, the business earned $1.84 earnings per share. Simon Property Group’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities research analysts expect that Simon Property Group Inc will post 12.39 EPS for the current fiscal year.
Simon Property Group announced that its board has initiated a stock buyback program on Tuesday, February 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to purchase up to 3.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 28th. Shareholders of record on Thursday, February 14th were paid a dividend of $2.05 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 4.71%. The ex-dividend date was Wednesday, February 13th. Simon Property Group’s dividend payout ratio (DPR) is currently 67.60%.
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About Simon Property Group
Simon is a global leader 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: Fundamental Analysis – How It Helps Investors
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