NewEdge Advisors LLC Acquires 1,654 Shares of Simon Property Group, Inc. (NYSE:SPG)

NewEdge Advisors LLC increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 14.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,400 shares of the real estate investment trust’s stock after acquiring an additional 1,654 shares during the quarter. NewEdge Advisors LLC’s holdings in Simon Property Group were worth $2,034,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clearstead Trust LLC bought a new position in shares of Simon Property Group during the first quarter worth approximately $25,000. EntryPoint Capital LLC bought a new position in Simon Property Group during the 1st quarter worth $26,000. Opal Wealth Advisors LLC acquired a new position in Simon Property Group in the 2nd quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new position in Simon Property Group in the 2nd quarter valued at $27,000. Finally, Pathway Financial Advisers LLC bought a new stake in shares of Simon Property Group during the 1st quarter valued at $29,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analyst Ratings Changes

SPG has been the topic of several analyst reports. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Scotiabank raised their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the company’s stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the purchase, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is currently owned by company insiders.

Simon Property Group Trading Up 0.7 %

SPG opened at $169.58 on Friday. The company has a fifty day moving average price of $162.34 and a two-hundred day moving average price of $153.37. Simon Property Group, Inc. has a 1-year low of $102.82 and a 1-year high of $170.87. The company has a market cap of $55.29 billion, a P/E ratio of 21.60, a price-to-earnings-growth ratio of 9.19 and a beta of 1.74. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last issued its 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 firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.88 earnings per share. Analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a $2.05 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.84%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.