Sequoia Financial Advisors LLC Raises Stake in Simon Property Group, Inc. (NYSE:SPG)

Sequoia Financial Advisors LLC increased its stake in Simon Property Group, Inc. (NYSE:SPG) by 66.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 6,034 shares of the real estate investment trust’s stock after buying an additional 2,406 shares during the period. Sequoia Financial Advisors LLC’s holdings in Simon Property Group were worth $861,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Salem Investment Counselors Inc. boosted its stake in shares of Simon Property Group by 16.6% during the fourth 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 period. Cascade Investment Group Inc. boosted its stake in shares of Simon Property Group by 0.5% during the fourth 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. Schechter Investment Advisors LLC boosted its stake in shares of Simon Property Group by 2.4% during the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after purchasing an additional 81 shares during the period. Evergreen Capital Management LLC boosted its stake in shares of Simon Property Group by 1.9% during the third quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after purchasing an additional 85 shares during the period. Finally, Miracle Mile Advisors LLC boosted its stake in shares of Simon Property Group by 0.9% during the fourth quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock valued at $1,369,000 after purchasing an additional 86 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Price Performance

SPG opened at $144.81 on Monday. The stock has a fifty day simple moving average of $149.56 and a two-hundred day simple moving average of $134.69. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The company has a market cap of $47.19 billion, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 7.60 and a beta of 1.65. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate 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 last year, the company posted $3.15 EPS. Research analysts predict that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal 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 given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 5.39%. The ex-dividend date was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group declared that its board has initiated a stock 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 buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently weighed in on SPG. Truist Financial increased their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Piper Sandler upped their target price on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. Morgan Stanley upped their target price on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. The Goldman Sachs Group upped their target price on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a report on Thursday, December 21st. Finally, Evercore ISI upped their target price on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group Company 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.