Simon Property Group, Inc. (NYSE:SPG) Director Marta R. Stewart Acquires 156 Shares of Stock

Simon Property Group, Inc. (NYSE:SPGGet Free Report) Director Marta R. Stewart acquired 156 shares of Simon Property Group stock in a transaction that occurred on Monday, April 1st. The stock was acquired at an average price of $154.19 per share, with a total value of $24,053.64. Following the completion of the purchase, the director now directly owns 12,584 shares in the company, valued at approximately $1,940,326.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Simon Property Group Trading Down 2.3 %

SPG stock opened at $150.00 on Wednesday. The company has a market capitalization of $48.89 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 8.21 and a beta of 1.65. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The company’s 50 day moving average price is $148.17 and its two-hundred day moving average price is $132.41.

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

Simon Property Group declared that its Board of Directors has initiated a stock repurchase program on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a dividend of $1.95 per share. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a yield of 5.20%. Simon Property Group’s dividend payout ratio is currently 111.75%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Coldstream Capital Management Inc. raised its stake in shares of Simon Property Group by 1.5% during the fourth quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock valued at $741,000 after acquiring an additional 77 shares during the last quarter. Cascade Investment Group Inc. increased its holdings in Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after purchasing an additional 80 shares during the period. Salem Investment Counselors Inc. raised its position in Simon Property Group by 16.6% during the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 80 shares during the last quarter. Schechter Investment Advisors LLC lifted its holdings in Simon Property Group by 2.4% in the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after buying an additional 81 shares during the period. Finally, Sound View Wealth Advisors Group LLC grew its position in shares of Simon Property Group by 1.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock worth $794,000 after buying an additional 83 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SPG has been the topic of several recent analyst reports. Piper Sandler increased their target price on shares of Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 20th. Evercore ISI increased their price objective on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Morgan Stanley boosted their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Truist Financial raised their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Finally, StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Friday, March 29th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $140.22.

Get Our Latest Analysis on SPG

About Simon Property Group

(Get 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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