Summit Financial LLC Acquires 785 Shares of Simon Property Group, Inc. (NYSE:SPG)

Summit Financial LLC boosted its holdings in Simon Property Group, Inc. (NYSE:SPG) by 27.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,696 shares of the real estate investment trust’s stock after purchasing an additional 785 shares during the period. Summit Financial LLC’s holdings in Simon Property Group were worth $637,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Childress Capital Advisors LLC lifted its stake in shares of Simon Property Group by 3.6% in the 4th quarter. Childress Capital Advisors LLC now owns 1,689 shares of the real estate investment trust’s stock valued at $291,000 after acquiring an additional 58 shares during the last quarter. Global X Japan Co. Ltd. lifted its position in Simon Property Group by 9.9% in the fourth quarter. Global X Japan Co. Ltd. now owns 655 shares of the real estate investment trust’s stock valued at $113,000 after purchasing an additional 59 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in shares of Simon Property Group by 1.0% during the fourth quarter. Bleakley Financial Group LLC now owns 6,237 shares of the real estate investment trust’s stock valued at $1,074,000 after purchasing an additional 62 shares during the period. Carnegie Investment Counsel grew its holdings in shares of Simon Property Group by 4.3% in the fourth quarter. Carnegie Investment Counsel now owns 1,569 shares of the real estate investment trust’s stock worth $270,000 after purchasing an additional 65 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in shares of Simon Property Group by 2.8% in the fourth quarter. UMB Bank n.a. now owns 2,391 shares of the real estate investment trust’s stock worth $412,000 after buying an additional 66 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPG has been the topic of a number of recent analyst reports. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and raised their price target for the stock from $179.00 to $198.00 in a report on Thursday, January 2nd. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective on the stock. Scotiabank set a $186.00 target price on Simon Property Group in a research report on Friday, February 28th. Finally, Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $180.33.

Simon Property Group Stock Up 2.5 %

SPG stock opened at $170.58 on Thursday. The stock has a market capitalization of $55.66 billion, a P/E ratio of 23.50, a P/E/G ratio of 10.10 and a beta of 1.45. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. Simon Property Group, Inc. has a 1-year low of $139.25 and a 1-year high of $190.14. The business has a fifty day moving average price of $175.03 and a 200-day moving average price of $174.53.

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, topping analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Equities analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 4.92%. The ex-dividend date of this dividend was Monday, March 10th. Simon Property Group’s dividend payout ratio is currently 115.70%.

Simon Property Group Company 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.