Simon Property Group, Inc. (NYSE:SPG) Stock Position Raised by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC raised its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 8.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,242 shares of the real estate investment trust’s stock after purchasing an additional 1,704 shares during the period. Cornerstone Wealth Group LLC’s holdings in Simon Property Group were worth $3,376,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Lighthouse Investment Partners LLC bought a new position in shares of Simon Property Group in the 4th quarter valued at approximately $5,706,000. Corient Private Wealth LLC raised its stake in shares of Simon Property Group by 97.8% in the 4th quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust’s stock valued at $10,708,000 after acquiring an additional 37,108 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Simon Property Group by 3.1% in the 4th 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 acquiring an additional 15,251 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Simon Property Group by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after acquiring an additional 3,626 shares in the last quarter. Finally, Napa Wealth Management bought a new position in shares of Simon Property Group in the 4th quarter valued at approximately $3,151,000. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Performance

Shares of NYSE:SPG traded up $4.29 during trading on Friday, hitting $166.50. 1,325,679 shares of the stock were exchanged, compared to its average volume of 1,456,188. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $166.96. The company has a market capitalization of $54.29 billion, a price-to-earnings ratio of 20.97, a price-to-earnings-growth ratio of 8.58 and a beta of 1.75. The company’s fifty day simple moving average is $151.93 and its 200-day simple moving average is $149.51. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. Simon Property Group’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.88 EPS. Sell-side analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $2.05 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.92%. Simon Property Group’s payout ratio is currently 101.91%.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired at an average price of $150.17 per share, with a total value of $72,982.62. Following the purchase, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Mizuho raised their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday. Stifel Nicolaus raised their target price on Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a report on Tuesday, August 6th. Scotiabank raised their target price on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Finally, 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. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $153.95.

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.