Choreo LLC Makes New $216,000 Investment in Simon Property Group, Inc. (NYSE:SPG)

Choreo LLC bought a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the fourth quarter, Holdings Channel.com reports. The firm bought 1,511 shares of the real estate investment trust’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SPG. Raymond James & Associates grew its holdings in shares of Simon Property Group by 1.2% during the 3rd quarter. Raymond James & Associates now owns 233,143 shares of the real estate investment trust’s stock worth $25,186,000 after acquiring an additional 2,785 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of Simon Property Group by 8.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 58,386 shares of the real estate investment trust’s stock worth $6,307,000 after purchasing an additional 4,739 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Simon Property Group by 11.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 2,514 shares of the real estate investment trust’s stock worth $272,000 after purchasing an additional 256 shares in the last quarter. Monument Capital Management boosted its position in shares of Simon Property Group by 11.8% in the 3rd quarter. Monument Capital Management now owns 3,030 shares of the real estate investment trust’s stock worth $327,000 after purchasing an additional 321 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in shares of Simon Property Group by 37.3% in the 3rd quarter. Lindbrook Capital LLC now owns 1,540 shares of the real estate investment trust’s stock worth $166,000 after purchasing an additional 418 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

NYSE SPG opened at $142.93 on Friday. The business’s fifty day moving average price is $148.21 and its 200-day moving average price is $138.01. The stock has a market capitalization of $46.58 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 7.50 and a beta of 1.68. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. Simon Property Group’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.15 earnings per share. On average, equities analysts predict 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 disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 5.46%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group announced that its board has approved 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 repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

SPG has been the topic of a number of analyst reports. Truist Financial boosted their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Morgan Stanley upped their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Evercore ISI upped their price objective on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group has an average 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.