Norden Group LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Norden Group LLC acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 38,656 shares of the real estate investment trust’s stock, valued at approximately $6,050,000.

Other hedge funds have also modified their holdings of the company. Cape Investment Advisory Inc. raised its holdings in shares of Simon Property Group by 3,200.0% during the 4th 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 in the last quarter. BOK Financial Private Wealth Inc. purchased a new stake in shares of Simon Property Group during the 4th quarter worth approximately $34,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Simon Property Group during the 4th quarter worth approximately $41,000. Indiana Trust & Investment Management CO purchased a new stake in shares of Simon Property Group during the 1st quarter worth approximately $41,000. Finally, Rise Advisors LLC raised its holdings in shares of Simon Property Group by 145.9% during the 1st 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 in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Simon Property Group news, Director Reuben S. Leibowitz bought 486 shares of Simon Property Group stock in a transaction on Friday, June 28th. The shares were acquired at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the purchase, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 8.60% of the company’s stock.

Simon Property Group Stock Performance

SPG stock opened at $148.26 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. The business’s fifty day simple moving average is $147.90 and its two-hundred day simple moving average is $146.80. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $157.82. The firm has a market cap of $48.32 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 8.81 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share 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 business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the business earned $2.74 EPS. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a $2.00 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date was Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.40%. Simon Property Group’s dividend payout ratio (DPR) is presently 101.91%.

Analyst Ratings Changes

Several brokerages have recently issued reports on SPG. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Argus increased 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. Scotiabank increased 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. Finally, Truist Financial increased 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. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.