Apollon Wealth Management LLC Boosts Position in Simon Property Group, Inc. (NYSE:SPG)

Apollon Wealth Management LLC grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 9.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,701 shares of the real estate investment trust’s stock after buying an additional 599 shares during the period. Apollon Wealth Management LLC’s holdings in Simon Property Group were worth $1,133,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in Simon Property Group in the first quarter worth $25,000. Opal Wealth Advisors LLC bought a new position in Simon Property Group in the second quarter valued at about $25,000. EntryPoint Capital LLC bought a new position in Simon Property Group in the first quarter valued at about $26,000. Wetzel Investment Advisors Inc. purchased a new stake in Simon Property Group in the second quarter worth about $27,000. Finally, RFP Financial Group LLC increased its position in Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 160 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 news, Director Allan B. Hubbard purchased 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This represents a 1.09 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 8.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SPG has been the subject of several research analyst reports. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Stifel Nicolaus reissued a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Mizuho raised their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Finally, Piper Sandler reissued a “neutral” rating and set a $175.00 price target (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Stock Performance

NYSE:SPG opened at $178.31 on Friday. The firm has a market capitalization of $58.14 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 10.40 and a beta of 1.74. The business’s fifty day moving average price is $170.18 and its 200 day moving average price is $158.33. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04. Simon Property Group, Inc. has a 12 month low of $119.71 and a 12 month high of $182.84.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the business earned $3.20 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a $2.10 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a yield of 4.71%. The ex-dividend date is Monday, December 9th. Simon Property Group’s payout ratio is presently 111.85%.

Simon Property Group Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.