MQS Management LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

MQS Management LLC acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 5,829 shares of the real estate investment trust’s stock, valued at approximately $968,000. Simon Property Group makes up approximately 0.6% of MQS Management LLC’s investment portfolio, making the stock its 13th largest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPG. Brighton Jones LLC purchased a new position in Simon Property Group during the 4th quarter worth approximately $295,000. Proficio Capital Partners LLC grew its position in Simon Property Group by 31.9% during the 4th quarter. Proficio Capital Partners LLC now owns 3,149 shares of the real estate investment trust’s stock worth $542,000 after purchasing an additional 761 shares in the last quarter. AGF Management Ltd. grew its holdings in shares of Simon Property Group by 6.5% during the 4th quarter. AGF Management Ltd. now owns 12,500 shares of the real estate investment trust’s stock valued at $2,153,000 after acquiring an additional 760 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Simon Property Group by 30.4% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,812 shares of the real estate investment trust’s stock valued at $1,001,000 after acquiring an additional 1,354 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Simon Property Group by 5.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,029 shares of the real estate investment trust’s stock valued at $349,000 after acquiring an additional 107 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Barclays initiated coverage on shares of Simon Property Group in a report on Wednesday, July 2nd. They set an “equal weight” rating and a $170.00 price target on the stock. JPMorgan Chase & Co. dropped their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Piper Sandler dropped their target price on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, May 23rd. Mizuho dropped their target price on 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. Finally, Stifel Nicolaus upped their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $178.50.

Simon Property Group Stock Down 1.1%

SPG stock opened at $161.69 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.14. The company has a fifty day simple moving average of $161.31 and a 200 day simple moving average of $166.08. The firm has a market cap of $52.78 billion, a PE ratio of 25.75, a PEG ratio of 9.02 and a beta of 1.43.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. The firm had revenue of $1.47 billion during 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 business’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.56 EPS. Sell-side analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date was Monday, June 9th. Simon Property Group’s dividend payout ratio is 133.76%.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Daniel C. Smith bought 378 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, with a total value of $60,211.62. Following the completion of the purchase, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. The trade was a 1.20% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Glyn Aeppel bought 234 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the purchase, the director owned 19,057 shares of the company’s stock, valued at $3,035,589.53. This trade represents a 1.24% increase in their ownership of the stock. 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 three months. Company insiders own 8.66% of the company’s stock.

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.