Kestra Private Wealth Services LLC Takes $368,000 Position in Simon Property Group, Inc. (NYSE:SPG)

Kestra Private Wealth Services LLC purchased a new position in Simon Property Group, Inc. (NYSE:SPG) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,579 shares of the real estate investment trust’s stock, valued at approximately $368,000.

A number of other institutional investors have also made changes to their positions in SPG. Cascade Investment Group Inc. raised its holdings in Simon Property Group by 0.5% in the fourth quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after purchasing an additional 80 shares during the period. Salem Investment Counselors Inc. raised its stake 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 worth $80,000 after buying an additional 80 shares during the period. Schechter Investment Advisors LLC lifted its holdings in 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 worth $485,000 after acquiring an additional 81 shares in the last quarter. Evergreen Capital Management LLC grew its stake in Simon Property Group by 1.9% in 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 acquiring an additional 85 shares during the period. Finally, Miracle Mile Advisors LLC increased its holdings in shares of Simon Property Group by 0.9% in the fourth quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock worth $1,369,000 after acquiring an additional 86 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $147.95 on Wednesday. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The business has a 50-day moving average of $148.08 and a 200-day moving average of $138.97. The stock has a market capitalization of $48.22 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 7.50 and a beta of 1.68. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.55). The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the company posted $2.74 earnings per share. As a group, sell-side 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 company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. Simon Property Group’s payout ratio is presently 111.75%.

Simon Property Group declared that its Board of Directors has approved a share repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial boosted their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Evercore ISI upped their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Four 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, Simon Property Group has an average rating of “Moderate Buy” and a consensus price target of $140.22.

About Simon Property Group

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.