PFG Investments LLC Purchases 1,171 Shares of Simon Property Group, Inc. (NYSE:SPG)

PFG Investments LLC grew its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 56.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 3,232 shares of the real estate investment trust’s stock after buying an additional 1,171 shares during the quarter. PFG Investments LLC’s holdings in Simon Property Group were worth $506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James & Associates boosted its stake in shares of Simon Property Group by 3.5% during the first quarter. Raymond James & Associates now owns 264,624 shares of the real estate investment trust’s stock valued at $41,411,000 after purchasing an additional 8,881 shares in the last quarter. Everett Harris & Co. CA increased its stake in shares of Simon Property Group by 0.8% in the 1st quarter. Everett Harris & Co. CA now owns 48,961 shares of the real estate investment trust’s stock valued at $7,662,000 after acquiring an additional 410 shares in the last quarter. First Trust Direct Indexing L.P. raised its holdings in shares of Simon Property Group by 12.8% during the first quarter. First Trust Direct Indexing L.P. now owns 10,537 shares of the real estate investment trust’s stock valued at $1,649,000 after purchasing an additional 1,198 shares during the period. Kovack Advisors Inc. boosted its holdings in Simon Property Group by 5.2% in the first quarter. Kovack Advisors Inc. now owns 2,070 shares of the real estate investment trust’s stock worth $324,000 after acquiring an additional 103 shares in the last quarter. Finally, Norden Group LLC acquired a new stake in Simon Property Group in the 1st quarter valued at $6,050,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on SPG shares. Truist Financial lifted their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Evercore ISI raised their price target 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. Finally, Morgan Stanley boosted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Simon Property Group has a consensus rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Stock Performance

NYSE SPG traded up $2.46 during trading hours on Monday, hitting $144.82. 1,110,951 shares of the company’s stock traded hands, compared to its average volume of 1,474,205. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82. The firm has a market capitalization of $47.20 billion, a P/E ratio of 20.75, a P/E/G ratio of 7.47 and a beta of 1.65. The business’s fifty day moving average price is $148.94 and its two-hundred day moving average price is $137.49.

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

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given a dividend of $1.95 per share. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.39%. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

Simon Property Group declared that its board has initiated a stock buyback plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding 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 usually an indication that the company’s leadership believes its stock is undervalued.

Simon Property Group Company Profile

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.