IFG Advisory LLC Invests $285,000 in Simon Property Group, Inc. (NYSE:SPG)

IFG Advisory LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,875 shares of the real estate investment trust’s stock, valued at approximately $285,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Clearstead Trust LLC acquired a new stake in Simon Property Group in the 1st quarter valued at approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in Simon Property Group in the 2nd quarter valued at approximately $25,000. EntryPoint Capital LLC acquired a new stake in Simon Property Group in the 1st quarter valued at approximately $26,000. Cape Investment Advisory Inc. increased its holdings in Simon Property Group by 3,200.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 192 shares during the last quarter. Finally, RFP Financial Group LLC increased its holdings in Simon Property Group by 727.3% in the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 486 shares of Simon Property Group stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the transaction, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 8.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SPG shares. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Argus boosted their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Truist Financial boosted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Evercore ISI boosted their price target on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, Stifel Nicolaus boosted their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group currently has an average rating of “Moderate Buy” and a consensus target price of $160.94.

Simon Property Group Price Performance

Simon Property Group stock opened at $167.35 on Tuesday. The stock has a market cap of $54.56 billion, a P/E ratio of 21.32, a price-to-earnings-growth ratio of 9.17 and a beta of 1.75. The company has a fifty day simple moving average of $154.66 and a 200-day simple moving average of $150.74. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month high of $169.18. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. Simon Property Group’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the firm posted $2.88 earnings per share. Equities analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a $2.05 dividend. The ex-dividend date of this dividend is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a yield of 4.90%. Simon Property Group’s payout ratio is 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.