Strategic Financial Concepts LLC Acquires New Position in Simon Property Group, Inc. (NYSE:SPG)

Strategic Financial Concepts LLC acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,510 shares of the real estate investment trust’s stock, valued at approximately $393,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. LPL Financial LLC boosted its stake in shares of Simon Property Group by 16.6% during the 3rd quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock worth $38,903,000 after acquiring an additional 51,380 shares in the last quarter. Nordea Investment Management AB boosted its position in Simon Property Group by 4.6% during the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock worth $21,923,000 after purchasing an additional 6,703 shares in the last quarter. SG Americas Securities LLC grew its holdings in Simon Property Group by 121.5% in the fourth quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after purchasing an additional 17,552 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new position in shares of Simon Property Group in the fourth quarter valued at $238,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Simon Property Group by 9.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock worth $11,670,000 after buying an additional 7,250 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on SPG. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Truist Financial lifted their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Finally, Evercore ISI boosted their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Simon Property Group presently has an average rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group Trading Down 3.0 %

Shares of SPG stock traded down $4.30 during mid-day trading on Tuesday, hitting $140.53. 1,835,401 shares of the company’s stock were exchanged, compared to its average volume of 1,478,555. The stock has a market cap of $45.80 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 7.47 and a beta of 1.65. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The stock has a 50-day simple moving average of $148.77 and a two-hundred day simple moving average of $137.73.

Simon Property Group (NYSE:SPG) last issued 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). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the business posted $3.15 earnings per share. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. Equities analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a dividend of $1.95 per share. The ex-dividend date was Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a yield of 5.55%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.

Simon Property Group announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

About Simon Property Group

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.