Oliver Luxxe Assets LLC Decreases Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Oliver Luxxe Assets LLC lessened its position in Simon Property Group, Inc. (NYSE:SPG) by 0.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,611 shares of the real estate investment trust’s stock after selling 158 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Simon Property Group were worth $4,477,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Coldstream Capital Management Inc. lifted its position in shares of Simon Property Group by 1.5% in the fourth quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock valued at $741,000 after acquiring an additional 77 shares in the last quarter. Cascade Investment Group Inc. lifted its position in shares of 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 valued at $2,097,000 after acquiring an additional 80 shares in the last quarter. Salem Investment Counselors Inc. lifted its position in shares of Simon Property Group by 16.6% in the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 80 shares in the last quarter. Schechter Investment Advisors LLC lifted its position in shares of Simon Property Group by 2.4% in the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after acquiring an additional 81 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC lifted its position in Simon Property Group by 1.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock worth $794,000 after buying an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Down 3.5 %

SPG stock traded down $5.33 during midday trading on Monday, hitting $146.47. 493,028 shares of the company’s stock were exchanged, compared to its average volume of 1,500,438. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $157.82. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The business has a 50-day simple moving average of $147.63 and a two-hundred day simple moving average of $146.77. The stock has a market capitalization of $47.74 billion, a PE ratio of 18.62, a P/E/G ratio of 9.02 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the firm posted $2.74 earnings per share. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts predict that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, June 7th. 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 5.46%. Simon Property Group’s payout ratio is presently 101.91%.

Wall Street Analyst Weigh In

SPG has been the topic of a number of analyst reports. Truist Financial lifted their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Scotiabank lifted their price objective on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Finally, Argus lifted their price objective on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group currently has an average rating of “Moderate Buy” and a consensus target price of $147.60.

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.