Ballentine Partners LLC Boosts Stake in Simon Property Group, Inc. (NYSE:SPG)

Ballentine Partners LLC lifted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 8.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,238 shares of the real estate investment trust’s stock after purchasing an additional 316 shares during the quarter. Ballentine Partners LLC’s holdings in Simon Property Group were worth $663,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPG. LPL Financial LLC raised its stake in shares of Simon Property Group by 16.6% in the 3rd quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after acquiring an additional 51,380 shares during the period. Nordea Investment Management AB raised its holdings in shares of Simon Property Group by 4.6% in the 4th quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after buying an additional 6,703 shares during the period. Lighthouse Investment Partners LLC acquired a new position in Simon Property Group during the 4th quarter worth about $5,706,000. SG Americas Securities LLC grew its position in Simon Property Group by 121.5% in the 4th quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after acquiring an additional 17,552 shares in the last quarter. Finally, Corient Private Wealth LLC increased its stake in Simon Property Group by 97.8% during the fourth quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust’s stock worth $10,708,000 after purchasing an additional 37,108 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Stock Up 0.8 %

Shares of NYSE SPG traded up $1.19 during mid-day trading on Monday, reaching $147.35. The company had a trading volume of 80,912 shares, compared to its average volume of 1,466,773. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $157.82. The stock has a market cap of $48.03 billion, a P/E ratio of 18.62, a PEG ratio of 8.70 and a beta of 1.71. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The firm has a 50 day simple moving average of $146.77 and a two-hundred day simple moving average of $146.24.

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

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $2.00 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.43%. Simon Property Group’s dividend payout ratio is 101.91%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SPG. Evercore ISI upped their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Truist Financial lifted their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Morgan Stanley upped their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Scotiabank upped their target price on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Simon Property Group has an average rating of “Moderate Buy” and a consensus target price of $147.60.

About Simon Property Group

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.