Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by Wellington Shields Capital Management LLC

Wellington Shields Capital Management LLC raised its position in Simon Property Group, Inc. (NYSE:SPG) by 2.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 10,675 shares of the real estate investment trust’s stock after acquiring an additional 230 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Simon Property Group were worth $1,620,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Lighthouse Investment Partners LLC purchased a new stake in shares of Simon Property Group during the fourth quarter worth approximately $5,706,000. Corient Private Wealth LLC raised its position in shares of Simon Property Group by 97.8% in the fourth quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust’s stock valued at $10,708,000 after buying an additional 37,108 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Simon Property Group by 3.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 510,682 shares of the real estate investment trust’s stock worth $71,541,000 after buying an additional 15,251 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Simon Property Group by 11.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after acquiring an additional 3,626 shares during the last quarter. Finally, Napa Wealth Management purchased a new stake in Simon Property Group during the 4th quarter valued at about $3,151,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 486 shares of Simon Property Group stock in a transaction on Friday, June 28th. The shares were bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.50% of the stock is currently owned by company insiders.

Simon Property Group Trading Down 0.0 %

NYSE SPG traded down $0.03 during trading on Friday, hitting $164.15. The stock had a trading volume of 72,640 shares, compared to its average volume of 1,442,451. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The company has a market capitalization of $53.50 billion, a PE ratio of 20.91, a PEG ratio of 9.17 and a beta of 1.75. The firm has a 50 day moving average price of $155.62 and a 200 day moving average price of $151.03. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $169.18.

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 analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.88 EPS. As a group, equities research analysts forecast that Simon Property Group, Inc. will post 12.85 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 Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $2.05 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SPG shares. Evercore ISI raised their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Scotiabank boosted 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. Stifel Nicolaus upped 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. Mizuho boosted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Finally, Argus raised their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $161.28.

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.