Simon Property Group, Inc. (NYSE:SPG) Stake Lifted by Walter & Keenan Wealth Management LLC IN ADV

Walter & Keenan Wealth Management LLC IN ADV lifted its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.6% during the first quarter, Holdings Channel.com reports. The fund owned 2,271 shares of the real estate investment trust’s stock after purchasing an additional 79 shares during the period. Walter & Keenan Wealth Management LLC IN ADV’s holdings in Simon Property Group were worth $377,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC acquired a new position in shares of Simon Property Group during the fourth quarter valued at approximately $295,000. Farther Finance Advisors LLC boosted its holdings in Simon Property Group by 31.1% during the first quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust’s stock worth $553,000 after buying an additional 789 shares in the last quarter. Allworth Financial LP boosted its holdings in Simon Property Group by 140.6% during the fourth quarter. Allworth Financial LP now owns 3,152 shares of the real estate investment trust’s stock worth $545,000 after buying an additional 1,842 shares in the last quarter. Principal Securities Inc. boosted its holdings in Simon Property Group by 4.2% during the fourth quarter. Principal Securities Inc. now owns 4,140 shares of the real estate investment trust’s stock worth $713,000 after buying an additional 166 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Simon Property Group by 7.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 361,893 shares of the real estate investment trust’s stock worth $62,322,000 after buying an additional 25,987 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Performance

NYSE SPG opened at $156.97 on Friday. The stock has a market cap of $51.24 billion, a P/E ratio of 25.00, a PEG ratio of 8.76 and a beta of 1.47. The company’s 50-day simple moving average is $158.50 and its 200 day simple moving average is $167.83. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.14. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.04. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the firm earned $3.56 earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, June 9th. This represents a $8.40 annualized dividend and a dividend yield of 5.35%. Simon Property Group’s dividend payout ratio (DPR) is currently 133.76%.

Wall Street Analyst Weigh In

SPG has been the subject of a number of research reports. JPMorgan Chase & Co. reduced their target price on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Wall Street Zen cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Stifel Nicolaus raised their target price on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Piper Sandler reduced their target price on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, May 23rd. Finally, Mizuho decreased their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research note on Tuesday, June 10th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Simon Property Group has an average rating of “Hold” and a consensus target price of $179.44.

About Simon Property Group

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.