Hennion & Walsh Asset Management Inc. Purchases 1,576 Shares of Simon Property Group, Inc. (NYSE:SPG)

Hennion & Walsh Asset Management Inc. increased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 54.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,455 shares of the real estate investment trust’s stock after acquiring an additional 1,576 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Simon Property Group were worth $697,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SPG. Norges Bank purchased a new position in Simon Property Group in the fourth quarter valued at about $2,561,181,000. International Assets Investment Management LLC grew its holdings in Simon Property Group by 13,226.4% during the fourth quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock valued at $131,312,000 after purchasing an additional 913,678 shares during the period. Panagora Asset Management Inc. increased its position in Simon Property Group by 11,722.9% in the fourth quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after buying an additional 667,034 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its position in shares of Simon Property Group by 160.1% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock valued at $108,887,000 after buying an additional 469,855 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Simon Property Group by 65.3% during the 3rd quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust’s stock worth $92,278,000 after acquiring an additional 337,430 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Scotiabank upped their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Argus raised 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. Truist Financial boosted 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. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Five 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $147.60.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.60% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG opened at $147.78 on Wednesday. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month high of $157.82. 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 company has a market cap of $48.17 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 9.02 and a beta of 1.75. The stock has a 50-day moving average price of $147.71 and a 200-day moving average price of $146.77.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.74 earnings per share. As a group, equities analysts forecast 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 declared 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 is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend was Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. Simon Property Group’s dividend payout ratio (DPR) is presently 101.91%.

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.