Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by Ritholtz Wealth Management

Ritholtz Wealth Management grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 9.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 8,723 shares of the real estate investment trust’s stock after acquiring an additional 780 shares during the quarter. Ritholtz Wealth Management’s holdings in Simon Property Group were worth $1,324,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of SPG. Norges Bank bought a new stake in shares of Simon Property Group during the fourth quarter valued at about $2,561,181,000. Vanguard Group Inc. raised its position in shares of Simon Property Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares in the last quarter. Panagora Asset Management Inc. lifted its stake in shares of Simon Property Group by 11,722.9% in the 4th quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after acquiring an additional 667,034 shares during the period. Franklin Resources Inc. lifted its stake in shares of Simon Property Group by 134.3% in the 4th quarter. Franklin Resources Inc. now owns 563,825 shares of the real estate investment trust’s stock worth $80,424,000 after acquiring an additional 323,168 shares during the period. Finally, Castle Hook Partners LP boosted its holdings in shares of Simon Property Group by 182.0% in the first quarter. Castle Hook Partners LP now owns 480,692 shares of the real estate investment trust’s stock valued at $75,223,000 after acquiring an additional 310,207 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Up 1.1 %

NYSE:SPG opened at $167.35 on Tuesday. The stock has a fifty day simple moving average of $154.66 and a 200 day simple moving average of $150.74. The firm has a market capitalization of $54.56 billion, a price-to-earnings ratio of 21.32, a price-to-earnings-growth ratio of 9.17 and a beta of 1.75. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $169.18. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.88 earnings per share. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $2.05 per share. This represents a $8.20 annualized dividend and a yield of 4.90%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Monday, September 9th. Simon Property Group’s payout ratio is presently 101.91%.

Wall Street Analysts Forecast Growth

SPG has been the topic of several recent analyst reports. Evercore ISI boosted their target price on Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Truist Financial boosted their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Stifel Nicolaus raised their target price on Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research note on Tuesday, August 6th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Finally, Scotiabank upped their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $160.94.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz bought 486 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was acquired at an average price 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 approximately $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.50% of the company’s stock.

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.