Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Element Wealth LLC

Element Wealth LLC decreased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 6.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,849 shares of the real estate investment trust’s stock after selling 258 shares during the quarter. Element Wealth LLC’s holdings in Simon Property Group were worth $549,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Cascade Investment Group Inc. boosted its stake in shares of Simon Property Group by 0.5% during the fourth quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after buying an additional 80 shares during the period. Salem Investment Counselors Inc. increased its stake in shares of Simon Property Group by 16.6% during the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 80 shares in the last quarter. Schechter Investment Advisors LLC increased its stake in shares of Simon Property Group by 2.4% during the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after purchasing an additional 81 shares in the last quarter. Evergreen Capital Management LLC increased its stake in shares of Simon Property Group by 1.9% during the 3rd quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock worth $495,000 after purchasing an additional 85 shares in the last quarter. Finally, Miracle Mile Advisors LLC increased its stake in shares of Simon Property Group by 0.9% during the 4th quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock worth $1,369,000 after purchasing an additional 86 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Trading Up 1.0 %

Shares of SPG stock traded up $1.37 during mid-day trading on Tuesday, reaching $143.78. The company’s stock had a trading volume of 768,227 shares, compared to its average volume of 1,484,451. The company’s 50 day simple moving average is $149.29 and its 200-day simple moving average is $136.19. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82. 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 firm has a market capitalization of $46.86 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 7.37 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last released 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 analysts’ expectations of $1.38 billion. During the same period last year, the firm earned $3.15 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. On average, research analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 8th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.42%. The ex-dividend date was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is 111.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SPG. Evercore ISI raised their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Truist Financial raised their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Morgan Stanley lifted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group 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.