First Dallas Securities Inc. raised its stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 5.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,600 shares of the real estate investment trust’s stock after buying an additional 200 shares during the period. First Dallas Securities Inc.’s holdings in Simon Property Group were worth $546,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC bought a new position in Simon Property Group in the fourth quarter worth approximately $368,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Simon Property Group by 1.9% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 4,741 shares of the real estate investment trust’s stock worth $676,000 after buying an additional 88 shares in the last quarter. Private Advisor Group LLC increased its stake in shares of Simon Property Group by 4.9% during the fourth quarter. Private Advisor Group LLC now owns 23,184 shares of the real estate investment trust’s stock valued at $3,307,000 after buying an additional 1,076 shares during the period. Apollon Wealth Management LLC raised its holdings in shares of Simon Property Group by 127.2% in the fourth quarter. Apollon Wealth Management LLC now owns 6,663 shares of the real estate investment trust’s stock valued at $950,000 after acquiring an additional 3,730 shares in the last quarter. Finally, National Pension Service lifted its stake in Simon Property Group by 2.7% in the fourth quarter. National Pension Service now owns 796,232 shares of the real estate investment trust’s stock worth $113,575,000 after acquiring an additional 21,253 shares during the period. 93.01% of the stock is currently owned by institutional investors.
Insider Transactions at Simon Property Group
In other news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction on 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 transaction, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.50% of the company’s stock.
Simon Property Group Stock Up 0.0 %
Simon Property Group (NYSE:SPG – Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations 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 was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.88 EPS. As a group, equities research 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. Shareholders of record on Monday, September 9th will be issued a $2.05 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.97%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is currently 104.46%.
Analysts Set New Price Targets
SPG has been the topic of a number of research reports. Piper Sandler reissued a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday. Evercore ISI lifted their price objective on shares of Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Truist Financial upped their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Argus lifted their price target 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, Scotiabank upped their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $161.28.
Get Our Latest Report on Simon Property Group
Simon Property Group 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.
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