Pekin Hardy Strauss Inc. Has $653,000 Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Pekin Hardy Strauss Inc. cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,575 shares of the real estate investment trust’s stock after selling 200 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Simon Property Group were worth $653,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Arlington Trust Co LLC bought a new stake in shares of Simon Property Group in the 3rd quarter valued at $25,000. DT Investment Partners LLC grew its position 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 during the period. Selway Asset Management bought a new stake in shares of Simon Property Group in the 3rd quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Simon Property Group during the third quarter worth $33,000. Finally, BOK Financial Private Wealth Inc. bought a new position in Simon Property Group during the fourth quarter worth $34,000. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Simon Property Group Stock Down 3.0 %

Simon Property Group stock opened at $140.53 on Wednesday. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. The firm’s 50-day simple moving average is $148.77 and its 200 day simple moving average is $137.73. The stock has a market cap of $45.80 billion, a PE ratio of 20.13, a price-to-earnings-growth ratio of 7.60 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. Simon Property Group’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.15 EPS. Research analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 5.55%. The ex-dividend date was Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group declared that its board has authorized a stock buyback plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

About Simon Property Group

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.