Stock Yards Bank & Trust Co. Boosts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Stock Yards Bank & Trust Co. raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 5.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,134 shares of the real estate investment trust’s stock after acquiring an additional 106 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Simon Property Group were worth $304,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. DT Investment Partners LLC raised its stake in shares of Simon Property Group by 714.3% during the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 200 shares in the last quarter. Arlington Trust Co LLC purchased a new position in shares of Simon Property Group during the 3rd quarter worth approximately $25,000. BOK Financial Private Wealth Inc. purchased a new position in shares of Simon Property Group during the 4th quarter worth approximately $34,000. Selway Asset Management purchased a new position in shares of Simon Property Group during the 3rd quarter worth approximately $26,000. Finally, Bruce G. Allen Investments LLC purchased a new position in shares of Simon Property Group during the 4th quarter worth approximately $41,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $142.82 on Thursday. The business’s fifty day moving average price is $149.30 and its two-hundred day moving average price is $136.51. The stock has a market cap of $46.55 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 7.54 and a beta of 1.65. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the company posted $3.15 EPS. Simon Property Group’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, analysts forecast that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group announced that its board has initiated a stock repurchase program on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a dividend of $1.95 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $7.80 annualized dividend and a dividend yield of 5.46%. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

Wall Street Analyst Weigh In

SPG has been the subject of a number of analyst reports. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Morgan Stanley upped their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Truist Financial upped their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Finally, Evercore ISI upped their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price 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.