Carnegie Investment Counsel Purchases 65 Shares of Simon Property Group, Inc. (NYSE:SPG)

Carnegie Investment Counsel grew its position in Simon Property Group, Inc. (NYSE:SPG) by 4.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,569 shares of the real estate investment trust’s stock after acquiring an additional 65 shares during the quarter. Carnegie Investment Counsel’s holdings in Simon Property Group were worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in Simon Property Group in the third quarter worth about $30,000. Trivant Custom Portfolio Group LLC bought a new stake in shares of Simon Property Group in the 3rd quarter valued at approximately $42,000. Eastern Bank purchased a new position in shares of Simon Property Group in the 3rd quarter worth approximately $42,000. Ashton Thomas Securities LLC bought a new position in shares of Simon Property Group during the 3rd quarter valued at approximately $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in Simon Property Group by 107.5% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 413 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 214 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Reuben S. Leibowitz purchased 465 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were acquired at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the acquisition, the director now owns 55,919 shares of the company’s stock, valued at $9,427,384.21. The trade was a 0.84 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.60% of the company’s stock.

Analysts Set New Price Targets

SPG has been the subject of several recent analyst reports. Mizuho lifted their price objective on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and lifted their price target for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective on the stock. Finally, StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $172.10.

Simon Property Group Stock Up 0.9 %

Shares of NYSE SPG opened at $174.28 on Monday. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. The stock has a 50 day moving average price of $177.19 and a 200 day moving average price of $167.83. The firm has a market capitalization of $56.86 billion, a price-to-earnings ratio of 23.21, a PEG ratio of 9.16 and a beta of 1.75. Simon Property Group, Inc. has a 52-week low of $135.15 and a 52-week high of $186.00.

Simon Property Group (NYSE:SPG) last issued its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.20 earnings per share. Sell-side analysts expect that Simon Property Group, Inc. will post 12.74 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Monday, December 9th were given a dividend of $2.10 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend was Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.82%. Simon Property Group’s dividend payout ratio (DPR) is 111.85%.

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.