First Trust Direct Indexing L.P. Has $1.65 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

First Trust Direct Indexing L.P. grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 12.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,537 shares of the real estate investment trust’s stock after purchasing an additional 1,198 shares during the period. First Trust Direct Indexing L.P.’s holdings in Simon Property Group were worth $1,649,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Coldstream Capital Management Inc. boosted its stake 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 buying an additional 77 shares during the period. Cascade Investment Group Inc. grew its holdings in shares of Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after purchasing an additional 80 shares in the last quarter. Salem Investment Counselors Inc. increased 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 worth $80,000 after purchasing an additional 80 shares during the period. Schechter Investment Advisors LLC raised its stake in 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 purchasing 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 purchasing an additional 83 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Price Performance

SPG traded up $0.48 on Thursday, reaching $148.26. The stock had a trading volume of 619,456 shares, compared to its average volume of 1,679,371. 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 company has a market capitalization of $48.32 billion, a price-to-earnings ratio of 18.89, a price-to-earnings-growth ratio of 8.79 and a beta of 1.75. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $157.82. The firm has a 50-day moving average of $147.90 and a 200-day moving average of $146.80.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.74 EPS. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.84 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date was Friday, June 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is 101.91%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Scotiabank raised their target price on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Argus raised their target price on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Finally, Truist Financial boosted 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 research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $147.60.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz purchased 486 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the completion of the purchase, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.60% of the stock is currently owned by insiders.

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.