HighPoint Advisor Group LLC Takes Position in Simon Property Group, Inc. (NYSE:SPG)

HighPoint Advisor Group LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,213 shares of the real estate investment trust’s stock, valued at approximately $485,000.

Several other hedge funds also recently modified their holdings of SPG. Quadrature Capital Ltd acquired a new stake in Simon Property Group in the 4th quarter valued at $1,370,000. PNC Financial Services Group Inc. grew its position in Simon Property Group by 2.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 200,659 shares of the real estate investment trust’s stock valued at $28,622,000 after purchasing an additional 4,615 shares during the period. Leo Wealth LLC acquired a new stake in Simon Property Group in the 4th quarter valued at $238,000. Spartan Planning & Wealth Management grew its position in Simon Property Group by 13,900.0% in the 4th quarter. Spartan Planning & Wealth Management now owns 420 shares of the real estate investment trust’s stock valued at $60,000 after purchasing an additional 417 shares during the period. Finally, Trust Co. of Vermont grew its position in Simon Property Group by 27.8% in the 4th quarter. Trust Co. of Vermont now owns 3,966 shares of the real estate investment trust’s stock valued at $566,000 after purchasing an additional 863 shares during the period. Institutional investors own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SPG shares. Morgan Stanley lifted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Argus lifted their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Evercore ISI lifted their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Finally, Truist Financial lifted their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $147.60.

Simon Property Group Trading Down 0.5 %

NYSE SPG opened at $146.92 on Thursday. The stock has a market capitalization of $47.89 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 8.74 and a beta of 1.71. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $157.82. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. The business’s fifty day moving average is $146.75 and its 200-day moving average is $145.93.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.74 earnings per share. Equities research analysts predict that Simon Property Group, Inc. will post 12.84 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $2.00 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date of this dividend is Friday, June 7th. Simon Property Group’s payout ratio is currently 101.91%.

Simon Property Group Profile

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.