Farther Finance Advisors LLC Increases Stake in Simon Property Group, Inc. (NYSE:SPG)

Farther Finance Advisors LLC boosted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 31.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,325 shares of the real estate investment trust’s stock after acquiring an additional 789 shares during the period. Farther Finance Advisors LLC’s holdings in Simon Property Group were worth $553,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SPG. Norges Bank acquired a new position in shares of Simon Property Group in the 4th quarter valued at $2,059,505,000. Geode Capital Management LLC boosted its stake in Simon Property Group by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock worth $1,577,600,000 after purchasing an additional 230,982 shares during the period. Northern Trust Corp boosted its stake in Simon Property Group by 45.9% during the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock worth $940,758,000 after purchasing an additional 1,718,398 shares during the period. JPMorgan Chase & Co. boosted its stake in Simon Property Group by 5.5% during the 4th quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust’s stock worth $811,202,000 after purchasing an additional 246,630 shares during the period. Finally, Invesco Ltd. boosted its stake in Simon Property Group by 14.8% during the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust’s stock worth $726,136,000 after purchasing an additional 542,511 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Performance

NYSE:SPG opened at $156.67 on Monday. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The firm has a 50-day moving average price of $157.80 and a two-hundred day moving average price of $168.33. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.14. The company has a market capitalization of $51.14 billion, a P/E ratio of 21.58, a price-to-earnings-growth ratio of 10.10 and a beta of 1.47.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business earned $3.56 earnings per share. Simon Property Group’s revenue was up 2.1% compared to the same quarter last year. As a group, research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date is Monday, June 9th. Simon Property Group’s dividend payout ratio is currently 133.76%.

Analyst Ratings Changes

A number of brokerages have commented on SPG. Scotiabank cut their price objective on shares of Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Mizuho cut their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research report on Tuesday, June 10th. Stifel Nicolaus increased their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Wall Street Zen downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Finally, JPMorgan Chase & Co. cut their price target on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $179.00.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.