Perigon Wealth Management LLC Invests $229,000 in Simon Property Group, Inc. (NYSE:SPG)

Perigon Wealth Management LLC bought a new position in shares of Simon Property Group, Inc. (NYSE:SPG – Get Rating) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,557 shares of the real estate investment trust’s stock, valued at approximately $229,000.

A number of other institutional investors also recently bought and sold shares of SPG. Community Bank N.A. purchased a new position in Simon Property Group during the third quarter worth about $26,000. Riverview Trust Co raised its stake in Simon Property Group by 46.0% during the third quarter. Riverview Trust Co now owns 308 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 97 shares during the period. Trustcore Financial Services LLC purchased a new position in Simon Property Group during the third quarter worth about $31,000. Zions Bancorporation N.A. raised its stake in Simon Property Group by 61.8% during the third quarter. Zions Bancorporation N.A. now owns 356 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 136 shares during the period. Finally, Ronald Blue Trust Inc. raised its stake in Simon Property Group by 291.1% during the third quarter. Ronald Blue Trust Inc. now owns 352 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 262 shares during the period. 83.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPG has been the topic of a number of research analyst reports. Citigroup boosted their price target on shares of Simon Property Group from $100.00 to $120.00 in a research note on Wednesday, December 14th. Mizuho reduced their price target on shares of Simon Property Group from $130.00 to $116.00 in a research note on Monday, March 13th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Simon Property Group from $115.00 to $130.00 in a research note on Tuesday, January 3rd. Morgan Stanley lifted their price objective on shares of Simon Property Group from $131.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, February 22nd. Finally, Truist Financial lifted their price objective on shares of Simon Property Group from $125.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 21st. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $130.58.

Simon Property Group Trading Down 4.5 %

NYSE SPG opened at $104.31 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 6.99. Simon Property Group, Inc. has a 52 week low of $86.02 and a 52 week high of $138.65. The stock has a market capitalization of $34.10 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 2.58 and a beta of 1.52. The firm has a 50 day moving average of $122.36 and a two-hundred day moving average of $113.25.

Simon Property Group (NYSE:SPG – Get Rating) last issued its quarterly earnings data on Monday, February 6th. The real estate investment trust reported $2.06 earnings per share for the quarter, missing the consensus estimate of $3.14 by ($1.08). The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Simon Property Group had a return on equity of 60.33% and a net margin of 40.43%. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.09 EPS. As a group, research analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 10th will be given a dividend of $1.80 per share. The ex-dividend date of this dividend is Thursday, March 9th. This represents a $7.20 annualized dividend and a dividend yield of 6.90%. Simon Property Group’s dividend payout ratio is presently 110.43%.

Simon Property Group Company Profile

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Simon Property Group, Inc is a self-administered and self-managed real estate investment trust, which engages in the ownership, development, and management of shopping, dining, entertainment, and mixed-used destinations, which consist primarily of malls, Premium Outlets, and The Mills. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in 1993 and is headquartered in Indianapolis, IN.