Checchi Capital Advisers LLC Buys 777 Shares of Simon Property Group, Inc. (NYSE:SPG)

Checchi Capital Advisers LLC boosted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 14.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,341 shares of the real estate investment trust’s stock after purchasing an additional 777 shares during the period. Checchi Capital Advisers LLC’s holdings in Simon Property Group were worth $1,053,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SPG. Principal Financial Group Inc. grew its stake in shares of Simon Property Group by 133.0% during the first quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust’s stock valued at $532,529,000 after purchasing an additional 1,830,264 shares during the last quarter. Private Trust Co. NA boosted its position in Simon Property Group by 13.6% in the 1st quarter. Private Trust Co. NA now owns 3,382 shares of the real estate investment trust’s stock valued at $562,000 after buying an additional 404 shares during the last quarter. Arbor Capital Management Inc. ADV boosted its position in Simon Property Group by 3.7% in the 1st quarter. Arbor Capital Management Inc. ADV now owns 10,999 shares of the real estate investment trust’s stock valued at $1,849,000 after buying an additional 394 shares during the last quarter. Rossby Financial LCC bought a new position in Simon Property Group in the 1st quarter valued at $88,000. Finally, DAVENPORT & Co LLC boosted its holdings in Simon Property Group by 296.7% in the first quarter. DAVENPORT & Co LLC now owns 9,639 shares of the real estate investment trust’s stock valued at $1,601,000 after acquiring an additional 7,209 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SPG shares. Wall Street Zen cut Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Mizuho cut their price target on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 10th. Piper Sandler decreased their price objective 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. JPMorgan Chase & Co. cut their target price on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Finally, Stifel Nicolaus boosted their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $178.50.

Simon Property Group Stock Performance

SPG opened at $166.47 on Friday. The business’s 50-day moving average price is $160.66 and its two-hundred day moving average price is $166.50. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.14. The company has a market capitalization of $54.34 billion, a price-to-earnings ratio of 26.51, a P/E/G ratio of 9.25 and a beta of 1.43. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45.

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

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date was Monday, June 9th. Simon Property Group’s payout ratio is presently 133.76%.

Insider Buying and Selling

In other Simon Property Group news, Director Daniel C. Smith bought 378 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $60,211.62. Following the acquisition, the director owned 31,998 shares in the company, valued at $5,096,961.42. This trade represents a 1.20% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Reuben S. Leibowitz purchased 522 shares of the stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $159.29 per share, with a total value of $83,149.38. Following the completion of the acquisition, the director directly owned 58,195 shares of the company’s stock, valued at approximately $9,269,881.55. This represents a 0.91% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 2,386 shares of company stock valued at $380,066 in the last ninety days. 8.66% of the stock is currently owned by company insiders.

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.