Insider Buying: Simon Property Group, Inc. (NYSE:SPG) Director Buys 486 Shares of Stock

Simon Property Group, Inc. (NYSE:SPG) Director Reuben S. Leibowitz purchased 486 shares of Simon Property Group stock in a transaction on Friday, June 28th. The stock was bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Simon Property Group Trading Up 0.9 %

Shares of SPG stock opened at $147.78 on Wednesday. The stock has a market cap of $48.17 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 9.02 and a beta of 1.75. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19. The firm has a fifty day moving average of $147.71 and a 200-day moving average of $146.77. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $157.82.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.74 EPS. On average, equities research analysts forecast that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $2.00 per share. The ex-dividend date was Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.41%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

Analysts Set New Price Targets

A number of analysts have weighed in on SPG shares. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Scotiabank increased their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Truist Financial increased their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Finally, Argus increased their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $147.60.

Institutional Investors Weigh In On Simon Property Group

A number of hedge funds have recently made changes to their positions in SPG. Clearstead Trust LLC acquired a new stake in shares of Simon Property Group during the 1st quarter worth about $25,000. EntryPoint Capital LLC acquired a new stake in shares of Simon Property Group during the 1st quarter worth about $26,000. Cape Investment Advisory Inc. increased its position in shares of Simon Property Group by 3,200.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 192 shares in the last quarter. Pathway Financial Advisers LLC acquired a new stake in Simon Property Group in the 1st quarter valued at about $29,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in Simon Property Group in the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

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.