Balentine LLC Has $399,000 Holdings in Simon Property Group, Inc. (NYSE:SPG)

Balentine LLC raised its position in Simon Property Group, Inc. (NYSE:SPG) by 13.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 2,798 shares of the real estate investment trust’s stock after acquiring an additional 337 shares during the period. Balentine LLC’s holdings in Simon Property Group were worth $399,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC grew its stake in Simon Property Group by 16.6% in the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after acquiring an additional 51,380 shares during the period. Nordea Investment Management AB boosted its position in shares of Simon Property Group by 4.6% during the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after buying an additional 6,703 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Simon Property Group by 121.5% during the fourth quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after buying an additional 17,552 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new position in shares of Simon Property Group during the fourth quarter valued at approximately $238,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Simon Property Group by 3.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 510,682 shares of the real estate investment trust’s stock valued at $71,541,000 after buying an additional 15,251 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Price Performance

Simon Property Group stock opened at $147.97 on Wednesday. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82. The business has a 50-day simple moving average of $147.66 and a 200 day simple moving average of $141.76. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The stock has a market cap of $48.23 billion, a price-to-earnings ratio of 18.85, a PEG ratio of 7.58 and a beta of 1.68.

Simon Property Group (NYSE:SPG) last posted its 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 return on equity of 78.50% and a net margin of 46.49%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the firm earned $2.74 earnings per share. Simon Property Group’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, research analysts forecast that Simon Property Group, Inc. will post 12.87 earnings per share for the current fiscal year.

Simon Property Group declared that its board has initiated a share repurchase program 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 repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $2.00 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.41%. The ex-dividend date is Friday, June 7th. Simon Property Group’s dividend payout ratio is presently 99.36%.

Analyst Ratings Changes

SPG has been the topic of several analyst reports. Morgan Stanley lifted their target price 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. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Evercore ISI lifted their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Scotiabank lifted their price target on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. Finally, Truist Financial lifted their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $141.40.

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.