Kovack Advisors Inc. Purchases 103 Shares of Simon Property Group, Inc. (NYSE:SPG)

Kovack Advisors Inc. increased its position in Simon Property Group, Inc. (NYSE:SPG) by 5.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,070 shares of the real estate investment trust’s stock after acquiring an additional 103 shares during the period. Kovack Advisors Inc.’s holdings in Simon Property Group were worth $324,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of SPG. Cape Investment Advisory Inc. grew its holdings in shares of Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 192 shares during the period. BOK Financial Private Wealth Inc. bought a new stake in shares of Simon Property Group in the fourth quarter worth $34,000. Bruce G. Allen Investments LLC bought a new stake in Simon Property Group during the fourth quarter valued at about $41,000. Indiana Trust & Investment Management CO bought a new stake in Simon Property Group during the first quarter valued at about $41,000. Finally, Rise Advisors LLC grew its holdings in 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 valued at $43,000 after purchasing an additional 162 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

NYSE:SPG opened at $148.26 on Friday. 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 capitalization of $48.32 billion, a P/E ratio of 18.89, a P/E/G ratio of 8.81 and a beta of 1.75. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $157.82. The business’s 50-day moving average is $147.90 and its 200 day moving average is $146.80.

Simon Property Group (NYSE:SPG) last posted 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). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the firm posted $2.74 earnings per share. Simon Property Group’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities research 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 business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $2.00 per share. 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 5.40%. The ex-dividend date was Friday, June 7th. Simon Property Group’s payout ratio is presently 101.91%.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz acquired 486 shares of Simon Property Group stock in a transaction 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 completion of the purchase, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SPG has been the subject of several recent research reports. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Truist Financial boosted their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Argus boosted their price target on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Finally, Scotiabank boosted their price target 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. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently 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.