Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by Raymond James & Associates

Raymond James & Associates increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 268,258 shares of the real estate investment trust’s stock after acquiring an additional 3,634 shares during the period. Raymond James & Associates’ holdings in Simon Property Group were worth $40,721,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Clearstead Trust LLC acquired a new position in Simon Property Group during the 1st quarter worth approximately $25,000. EntryPoint Capital LLC acquired a new position in shares of Simon Property Group in the 1st quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Simon Property Group in the 2nd quarter valued at approximately $25,000. Pathway Financial Advisers LLC acquired a new position in shares of Simon Property Group in the 1st quarter valued at approximately $29,000. Finally, Cape Investment Advisory Inc. raised its position in shares of Simon Property Group by 3,200.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 192 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SPG shares. Evercore ISI upped their target price on Simon Property Group from $150.00 to $155.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Mizuho upped their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday. Scotiabank upped their target price on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a research report on Thursday, May 16th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Stifel Nicolaus raised their price objective on Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus target price of $153.95.

Insider Activity

In other news, Director Reuben S. Leibowitz bought 486 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were purchased 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 directly owns 55,001 shares in the company, valued at $8,259,500.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $159.89 on Tuesday. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $161.30. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The business’s fifty day moving average price is $151.39 and its two-hundred day moving average price is $149.19. The firm has a market capitalization of $52.11 billion, a PE ratio of 20.37, a P/E/G ratio of 8.59 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business posted $2.88 earnings per share. On average, research analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.13%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date is Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

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.