Syon Capital LLC Boosts Position in Simon Property Group, Inc. (NYSE:SPG)

Syon Capital LLC boosted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 70.0% during the fourth quarter, Holdings Channel reports. The firm owned 5,929 shares of the real estate investment trust’s stock after buying an additional 2,441 shares during the quarter. Syon Capital LLC’s holdings in Simon Property Group were worth $846,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SPG. Salem Investment Counselors Inc. boosted its holdings in Simon Property Group by 16.6% in the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 80 shares during the last quarter. Cascade Investment Group Inc. boosted its holdings in Simon Property Group by 0.5% in the fourth quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after purchasing an additional 80 shares during the last quarter. Schechter Investment Advisors LLC boosted its holdings in Simon Property Group by 2.4% in the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after purchasing an additional 81 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in Simon Property Group by 1.9% in the third quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after purchasing an additional 85 shares during the last quarter. Finally, Miracle Mile Advisors LLC boosted its holdings in Simon Property Group by 0.9% in the fourth quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock valued at $1,369,000 after purchasing an additional 86 shares during the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

SPG traded down $0.37 during trading hours on Friday, hitting $142.36. The company’s stock had a trading volume of 936,327 shares, compared to its average volume of 1,476,633. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The firm has a market capitalization of $46.40 billion, a PE ratio of 20.54, a PEG ratio of 7.49 and a beta of 1.65. The company has a 50-day simple moving average of $149.19 and a 200 day simple moving average of $136.55.

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 the consensus estimate of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the business posted $3.15 earnings per share. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, sell-side analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently declared 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 was Thursday, March 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a dividend yield of 5.48%. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

Simon Property Group declared that its Board of Directors has initiated a share buyback program on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SPG shares. Truist Financial increased their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Evercore ISI increased their target price 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. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.22.

Simon Property Group 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.