Spectrum Wealth Counsel LLC Sells 2,159 Shares of Simon Property Group, Inc. (NYSE:SPG)

Spectrum Wealth Counsel LLC lowered its holdings in Simon Property Group, Inc. (NYSE:SPG) by 5.9% during the second quarter, HoldingsChannel.com reports. The fund owned 34,425 shares of the real estate investment trust’s stock after selling 2,159 shares during the period. Spectrum Wealth Counsel LLC’s holdings in Simon Property Group were worth $5,226,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Diligent Investors LLC grew its stake in shares of Simon Property Group by 0.5% in the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after purchasing an additional 68 shares during the period. Augustine Asset Management Inc. grew its position in Simon Property Group by 3.8% in the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 68 shares during the period. TIAA Trust National Association raised its stake in Simon Property Group by 3.7% during the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after acquiring an additional 69 shares in the last quarter. Inspire Advisors LLC lifted its holdings in shares of Simon Property Group by 1.7% during the first quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock valued at $646,000 after acquiring an additional 70 shares during the period. Finally, Capital Advisors Ltd. LLC lifted its holdings in shares of Simon Property Group by 26.9% during the second quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 73 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SPG shares. Stifel Nicolaus reiterated a “hold” rating and set a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday. Scotiabank lifted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Truist Financial boosted 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. Evercore ISI lifted their price objective on Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $161.44.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz bought 486 shares of the business’s stock in a transaction on Friday, June 28th. The shares were purchased 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 of the company’s stock, valued at approximately $8,259,500.17. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 8.50% of the stock is owned by insiders.

Simon Property Group Stock Up 0.2 %

NYSE SPG opened at $164.02 on Friday. The stock has a market capitalization of $53.48 billion, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 8.95 and a beta of 1.74. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $169.18. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a fifty day moving average of $157.48 and a 200-day moving average of $151.61.

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

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $2.05 dividend. This is a positive change 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 currently 104.46%.

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.