Financial Counselors Inc. Invests $369,000 in Simon Property Group, Inc. (NYSE:SPG)

Financial Counselors Inc. purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,431 shares of the real estate investment trust’s stock, valued at approximately $369,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lighthouse Investment Partners LLC purchased a new position in shares of Simon Property Group in the 4th quarter valued at approximately $5,706,000. Corient Private Wealth LLC raised its position in Simon Property Group by 97.8% during the 4th quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust’s stock worth $10,708,000 after buying an additional 37,108 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Simon Property Group by 3.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 510,682 shares of the real estate investment trust’s stock worth $71,541,000 after buying an additional 15,251 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Simon Property Group by 11.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after buying an additional 3,626 shares during the last quarter. Finally, Napa Wealth Management acquired a new stake in shares of Simon Property Group in the 4th quarter worth $3,151,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SPG shares. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Stifel Nicolaus increased their target price on Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Mizuho lifted their price target on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday. Finally, Scotiabank boosted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $161.28.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 486 shares of the company’s stock in a transaction on Friday, June 28th. The stock was bought 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 owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Stock Up 0.7 %

Simon Property Group stock opened at $165.08 on Thursday. The firm has a market capitalization of $53.81 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 9.17 and a beta of 1.75. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The stock’s fifty day moving average is $155.33 and its two-hundred day moving average is $150.94.

Simon Property Group (NYSE:SPG) last issued 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 business had revenue of $1.32 billion during the quarter, compared to analyst estimates 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 revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.88 earnings per share. Analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $2.05 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend is Monday, September 9th. Simon Property Group’s payout ratio is currently 104.46%.

Simon Property Group 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.