New Potomac Partners LLC Raises Stock Position in Simon Property Group, Inc. (NYSE:SPG)

New Potomac Partners LLC grew its holdings in Simon Property Group, Inc. (NYSE:SPGFree Report) by 38.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,375 shares of the real estate investment trust’s stock after acquiring an additional 6,482 shares during the period. Simon Property Group comprises approximately 2.0% of New Potomac Partners LLC’s holdings, making the stock its 15th biggest holding. New Potomac Partners LLC’s holdings in Simon Property Group were worth $3,334,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arlington Trust Co LLC purchased a new stake in Simon Property Group during the 3rd quarter worth $25,000. DT Investment Partners LLC increased its position in shares of Simon Property Group by 714.3% in the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 200 shares during the last quarter. Selway Asset Management bought a new stake in shares of Simon Property Group in the 3rd quarter worth about $26,000. Financial Freedom LLC bought a new stake in shares of Simon Property Group in the 4th quarter worth about $27,000. Finally, Tyler Stone Wealth Management bought a new stake in shares of Simon Property Group in the 2nd quarter worth about $27,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. Piper Sandler lifted their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. Truist Financial lifted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Friday. Finally, Morgan Stanley lifted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Simon Property Group has an average rating of “Hold” and an average price target of $140.22.

Get Our Latest Research Report on Simon Property Group

Simon Property Group Trading Up 1.4 %

Simon Property Group stock opened at $156.49 on Friday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The firm has a 50-day moving average price of $147.94 and a two-hundred day moving average price of $131.92. The firm has a market capitalization of $51.00 billion, a price-to-earnings ratio of 22.42, a PEG ratio of 8.21 and a beta of 1.65. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82.

Simon Property Group (NYSE:SPGGet Free Report) last posted its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.15 earnings per share. Sell-side analysts expect that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a $1.95 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s dividend payout ratio is currently 111.75%.

Simon Property Group announced that its Board of Directors has authorized a share repurchase program on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Simon Property Group Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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