Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by Commerce Bank

Commerce Bank boosted its holdings in Simon Property Group, Inc. (NYSE:SPGFree Report) by 11.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,084 shares of the real estate investment trust’s stock after acquiring an additional 2,189 shares during the period. Commerce Bank’s holdings in Simon Property Group were worth $3,007,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. BOK Financial Private Wealth Inc. acquired a new stake in Simon Property Group in the 4th quarter valued at about $34,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Simon Property Group during the 4th quarter worth about $41,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Simon Property Group during the 3rd quarter worth about $33,000. Highlander Capital Management LLC boosted its stake in shares of Simon Property Group by 183.5% during the 4th quarter. Highlander Capital Management LLC now owns 309 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 200 shares during the last quarter. Finally, Tennessee Valley Asset Management Partners acquired a new stake in shares of Simon Property Group during the 4th quarter worth about $46,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SPG shares. Morgan Stanley raised their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Scotiabank raised their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Truist Financial raised their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Finally, Evercore ISI increased their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $145.33.

Get Our Latest Analysis on SPG

Simon Property Group Trading Up 2.2 %

Shares of SPG stock opened at $147.88 on Tuesday. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The firm’s 50-day simple moving average is $147.32 and its 200-day simple moving average is $142.64. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. The firm has a market cap of $48.20 billion, a P/E ratio of 18.84, a PEG ratio of 8.77 and a beta of 1.68.

Simon Property Group (NYSE:SPGGet Free Report) last posted 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). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the business posted $2.74 EPS. The company’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, equities analysts forecast that Simon Property Group, Inc. will post 12.87 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $2.00 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend is Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.41%. Simon Property Group’s dividend payout ratio (DPR) is presently 99.36%.

Simon Property Group announced that its board has initiated a share repurchase plan on Thursday, February 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership 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.

Further Reading

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

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