Sound Income Strategies LLC Acquires 4,075 Shares of Simon Property Group, Inc. (NYSE:SPG)

Sound Income Strategies LLC boosted its holdings in Simon Property Group, Inc. (NYSE:SPG) by 4.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,764 shares of the real estate investment trust’s stock after acquiring an additional 4,075 shares during the quarter. Simon Property Group accounts for approximately 1.1% of Sound Income Strategies LLC’s holdings, making the stock its 28th largest position. Sound Income Strategies LLC’s holdings in Simon Property Group were worth $14,204,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Cape Investment Advisory Inc. lifted its holdings in shares of Simon Property Group by 3,200.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 192 shares during the period. BOK Financial Private Wealth Inc. purchased a new stake in shares of Simon Property Group in the 4th quarter worth $34,000. Rise Advisors LLC increased its stake in shares of Simon Property Group by 145.9% in the 1st quarter. Rise Advisors LLC now owns 273 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 162 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Simon Property Group in the 4th quarter worth $41,000. Finally, Highlander Capital Management LLC increased its stake in shares of Simon Property Group by 183.5% in 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 in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Down 0.2 %

NYSE SPG traded down $0.27 on Wednesday, hitting $147.60. The stock had a trading volume of 1,674,616 shares, compared to its average volume of 1,488,791. The business’s fifty day moving average price is $147.08 and its 200 day moving average price is $146.48. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $157.82. The stock has a market cap of $48.11 billion, a price-to-earnings ratio of 18.75, a price-to-earnings-growth ratio of 8.79 and a beta of 1.71.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data 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 company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the previous year, the firm posted $2.74 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.84 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $2.00 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a dividend yield of 5.42%. The ex-dividend date is Friday, June 7th. Simon Property Group’s payout ratio is presently 101.91%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Truist Financial upped their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Argus increased their price target on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Scotiabank increased their price target on 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 upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Evercore ISI increased their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Simon Property Group currently has an average rating of “Moderate Buy” and an average price target of $147.60.

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.