Wealth Enhancement Advisory Services LLC Trims Holdings in Simon Property Group, Inc. (NYSE:SPG)

Wealth Enhancement Advisory Services LLC decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 12.1% during the first quarter, HoldingsChannel.com reports. The firm owned 30,428 shares of the real estate investment trust’s stock after selling 4,180 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Simon Property Group were worth $4,762,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SPG. Signet Financial Management LLC lifted its holdings in shares of Simon Property Group by 6.8% in the first quarter. Signet Financial Management LLC now owns 11,733 shares of the real estate investment trust’s stock worth $1,836,000 after buying an additional 749 shares in the last quarter. Aspiriant LLC purchased a new stake in Simon Property Group in the 1st quarter worth approximately $1,139,000. Brookstone Capital Management boosted its holdings in Simon Property Group by 9.6% in the 1st quarter. Brookstone Capital Management now owns 13,991 shares of the real estate investment trust’s stock valued at $2,189,000 after purchasing an additional 1,230 shares during the period. CFM Wealth Partners LLC purchased a new position in shares of Simon Property Group during the 1st quarter valued at $595,000. Finally, Kingswood Wealth Advisors LLC increased its holdings in shares of Simon Property Group by 83.6% in the first quarter. Kingswood Wealth Advisors LLC now owns 3,082 shares of the real estate investment trust’s stock worth $482,000 after purchasing an additional 1,403 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Down 3.5 %

Shares of SPG opened at $146.52 on Tuesday. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $157.82. The firm has a market cap of $47.76 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 9.02 and a beta of 1.75. The firm has a 50 day moving average price of $147.63 and a 200-day moving average price of $146.77. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19.

Simon Property Group (NYSE:SPG) last posted its quarterly 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). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm earned $2.74 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, equities research analysts forecast that Simon Property Group, Inc. will post 12.84 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a dividend of $2.00 per share. The ex-dividend date was Friday, June 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.46%. Simon Property Group’s dividend payout ratio is currently 101.91%.

Analyst Upgrades and Downgrades

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

Simon Property Group Company 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.