Spire Wealth Management Invests $597,000 in Simon Property Group, Inc. (NYSE:SPG)

Spire Wealth Management bought a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,465 shares of the real estate investment trust’s stock, valued at approximately $597,000.

A number of other hedge funds have also added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Simon Property Group by 617.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,191,296 shares of the real estate investment trust’s stock valued at $539,393,000 after acquiring an additional 2,746,503 shares during the last quarter. Smead Capital Management Inc. increased its position in shares of Simon Property Group by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 2,620,355 shares of the real estate investment trust’s stock worth $442,892,000 after purchasing an additional 88,378 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Simon Property Group by 1.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,487,897 shares of the real estate investment trust’s stock worth $251,484,000 after purchasing an additional 25,519 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Simon Property Group by 373.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock valued at $212,906,000 after buying an additional 993,694 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. grew its stake in shares of Simon Property Group by 6.9% in the third quarter. Duff & Phelps Investment Management Co. now owns 1,142,010 shares of the real estate investment trust’s stock valued at $193,023,000 after buying an additional 73,742 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the subject of a number of analyst reports. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Mizuho boosted their price target on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and upped their price objective for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft began coverage on Simon Property Group in a research note on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price for the company. Finally, Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and increased their price target for the company from $175.00 to $205.00 in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $175.10.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 465 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was acquired at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the acquisition, the director now directly owns 55,919 shares in the company, valued at $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 8.60% of the company’s stock.

Simon Property Group Trading Up 3.3 %

Shares of NYSE:SPG opened at $179.02 on Thursday. The company has a market capitalization of $58.41 billion, a P/E ratio of 23.84, a P/E/G ratio of 9.31 and a beta of 1.74. Simon Property Group, Inc. has a 1 year low of $137.25 and a 1 year high of $186.00. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The business’s 50 day simple moving average is $175.74 and its 200 day simple moving average is $170.06.

Simon Property Group (NYSE:SPG) last issued its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. On average, research analysts anticipate that Simon Property Group, Inc. will post 12.72 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group’s payout ratio is 111.85%.

Simon Property Group Profile

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.