Merit Financial Group LLC reduced its stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 12.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,591 shares of the real estate investment trust’s stock after selling 383 shares during the quarter. Merit Financial Group LLC’s holdings in Simon Property Group were worth $370,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of SPG. Selway Asset Management purchased a new stake in Simon Property Group in the 3rd quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Simon Property Group in the 3rd quarter valued at $33,000. BOK Financial Private Wealth Inc. purchased a new stake in Simon Property Group in the 4th quarter valued at $34,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Simon Property Group during the 4th quarter valued at $41,000. Finally, Highlander Capital Management LLC increased its position in shares of Simon Property Group by 183.5% during the 4th quarter. Highlander Capital Management LLC now owns 309 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 200 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.
Simon Property Group Trading Down 0.0 %
Shares of SPG opened at $147.88 on Thursday. The business has a 50-day moving average of $148.08 and a 200 day moving average of $138.97. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The firm has a market cap of $48.19 billion, a P/E ratio of 21.19, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77.
Simon Property Group (NYSE:SPG – Get Free Report) last announced its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the business posted $2.74 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.06 EPS for the current year.
Simon Property Group declared that its Board of Directors has approved a stock repurchase program on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Simon Property Group Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $2.00 dividend. The ex-dividend date is Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.41%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.
Analysts Set New Price Targets
Several brokerages have recently issued reports on SPG. Evercore ISI raised their target price on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Truist Financial raised their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley raised their target price on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group presently has a consensus rating of “Moderate Buy” and an average price target of $140.22.
View Our Latest Analysis on Simon Property Group
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.
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