Simon Quick Advisors LLC Raises Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Simon Quick Advisors LLC raised its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 24.1% in the first quarter, Holdings Channel.com reports. The fund owned 2,592 shares of the real estate investment trust’s stock after acquiring an additional 504 shares during the quarter. Simon Quick Advisors LLC’s holdings in Simon Property Group were worth $431,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SPG. Brighton Jones LLC acquired a new position in shares of Simon Property Group during the fourth quarter valued at approximately $295,000. Stonebridge Financial Group LLC acquired a new position in shares of Simon Property Group during the fourth quarter valued at approximately $45,000. Avestar Capital LLC raised its holdings in shares of Simon Property Group by 9.3% during the fourth quarter. Avestar Capital LLC now owns 2,895 shares of the real estate investment trust’s stock valued at $499,000 after acquiring an additional 247 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Simon Property Group by 0.7% during the fourth quarter. Asset Management One Co. Ltd. now owns 587,933 shares of the real estate investment trust’s stock valued at $101,130,000 after acquiring an additional 3,990 shares during the last quarter. Finally, Catalyst Financial Partners LLC raised its holdings in shares of Simon Property Group by 6.7% during the fourth quarter. Catalyst Financial Partners LLC now owns 1,442 shares of the real estate investment trust’s stock valued at $248,000 after acquiring an additional 90 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on SPG. JPMorgan Chase & Co. reduced their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Piper Sandler cut their price target on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, May 23rd. Scotiabank cut their price target on Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Wall Street Zen cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Finally, Stifel Nicolaus increased their price target on Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $179.00.

Simon Property Group Trading Down 1.3%

NYSE SPG opened at $156.67 on Friday. The firm’s 50-day moving average is $157.80 and its two-hundred day moving average is $168.55. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.14. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. The stock has a market capitalization of $51.14 billion, a P/E ratio of 21.58, a PEG ratio of 10.10 and a beta of 1.47.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the company posted $3.56 earnings per share. Simon Property Group’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, June 9th. This represents a $8.40 annualized dividend and a dividend yield of 5.36%. Simon Property Group’s dividend payout ratio is currently 133.76%.

Simon Property Group Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.