Alpha Omega Wealth Management LLC Trims Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Alpha Omega Wealth Management LLC trimmed its stake in Simon Property Group, Inc. (NYSE:SPG) by 4.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 45,259 shares of the real estate investment trust’s stock after selling 2,012 shares during the period. Simon Property Group accounts for approximately 1.3% of Alpha Omega Wealth Management LLC’s portfolio, making the stock its 16th biggest position. Alpha Omega Wealth Management LLC’s holdings in Simon Property Group were worth $7,083,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPG. Cape Investment Advisory Inc. increased its position in shares of Simon Property Group by 3,200.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 192 shares in the last quarter. BOK Financial Private Wealth Inc. purchased a new position in Simon Property Group during the 4th quarter worth approximately $34,000. Bruce G. Allen Investments LLC acquired a new position in Simon Property Group during the fourth quarter worth approximately $41,000. Indiana Trust & Investment Management CO purchased a new stake in Simon Property Group in the first quarter valued at approximately $41,000. Finally, Rise Advisors LLC grew its position in shares of Simon Property Group by 145.9% during the first quarter. Rise Advisors LLC now owns 273 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 162 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPG has been the subject of a number of research reports. Truist Financial upped their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Scotiabank boosted their target price on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Finally, Argus increased their price target on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Moderate Buy” and an average target price of $147.60.

Simon Property Group Stock Performance

Shares of SPG opened at $151.80 on Friday. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $157.82. The company has a 50-day simple moving average of $147.63 and a 200-day simple moving average of $146.72. The company has a market capitalization of $49.48 billion, a PE ratio of 19.34, a P/E/G ratio of 9.02 and a beta of 1.71.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The company 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 company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the business posted $2.74 earnings per share. Equities research analysts predict that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 5.27%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date was Friday, June 7th. Simon Property Group’s payout ratio is presently 101.91%.

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.