B. Riley Wealth Advisors Inc. decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 7.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 10,980 shares of the real estate investment trust’s stock after selling 826 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Simon Property Group were worth $1,186,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the stock. Evergreen Capital Management LLC increased its stake in Simon Property Group by 1.9% during the 3rd quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after buying an additional 85 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of Simon Property Group by 17.1% during the 1st quarter. Parkside Financial Bank & Trust now owns 638 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 93 shares in the last quarter. Bison Wealth LLC boosted its position in shares of Simon Property Group by 5.1% during the 3rd quarter. Bison Wealth LLC now owns 1,994 shares of the real estate investment trust’s stock valued at $215,000 after purchasing an additional 97 shares in the last quarter. Arkadios Wealth Advisors boosted its position in shares of Simon Property Group by 4.3% during the 3rd quarter. Arkadios Wealth Advisors now owns 2,375 shares of the real estate investment trust’s stock valued at $257,000 after purchasing an additional 99 shares in the last quarter. Finally, Ascent Group LLC boosted its position in shares of Simon Property Group by 1.9% during the 4th quarter. Ascent Group LLC now owns 5,412 shares of the real estate investment trust’s stock valued at $636,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 84.73% of the company’s stock.
Simon Property Group Trading Up 0.9 %
Shares of NYSE:SPG opened at $150.77 on Friday. The firm has a fifty day moving average of $145.93 and a two-hundred day moving average of $129.29. The firm has a market capitalization of $49.14 billion, a P/E ratio of 21.60, a price-to-earnings-growth ratio of 7.23 and a beta of 1.65. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $153.50. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54.
Simon Property Group (NYSE:SPG – Get Free Report) last issued its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the business earned $3.15 EPS. The company’s quarterly revenue was up 9.1% on a year-over-year basis. On average, equities analysts expect that Simon Property Group, Inc. will post 12.04 EPS for the current fiscal year.
Simon Property Group announced that its board has initiated a stock repurchase plan on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Simon Property Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 5.17%. The ex-dividend date is Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is presently 111.75%.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on SPG. Evercore ISI raised their price objective on shares of 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. Morgan Stanley raised their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, January 19th. Piper Sandler raised their target price on shares of Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a report on Wednesday, December 20th. Finally, The Goldman Sachs Group raised their target price on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, December 21st. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $139.33.
View Our Latest Stock Report on SPG
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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