Modern Wealth Management LLC Buys New Shares in Simon Property Group, Inc. (NYSE:SPG)

Modern Wealth Management LLC purchased a new position in Simon Property Group, Inc. (NYSE:SPG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 28,467 shares of the real estate investment trust’s stock, valued at approximately $5,140,000.

Several other institutional investors also recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new position in shares of Simon Property Group in the 3rd quarter worth $834,000. First Hawaiian Bank lifted its stake in Simon Property Group by 35.0% during the fourth quarter. First Hawaiian Bank now owns 5,294 shares of the real estate investment trust’s stock valued at $912,000 after buying an additional 1,372 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Simon Property Group by 72.8% in the fourth quarter. Versant Capital Management Inc now owns 999 shares of the real estate investment trust’s stock worth $172,000 after buying an additional 421 shares during the period. Asset Management One Co. Ltd. increased its position in shares of Simon Property Group by 0.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 587,933 shares of the real estate investment trust’s stock worth $101,130,000 after acquiring an additional 3,990 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new stake in shares of Simon Property Group during the fourth quarter valued at approximately $416,000. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

NYSE SPG opened at $166.36 on Tuesday. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The stock has a market capitalization of $54.28 billion, a PE ratio of 22.91, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78. Simon Property Group, Inc. has a 12-month low of $139.25 and a 12-month high of $190.14. The company has a 50 day moving average price of $175.98 and a two-hundred day moving average price of $174.45.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a dividend of $2.10 per share. The ex-dividend date is Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a yield of 5.05%. Simon Property Group’s payout ratio is currently 115.70%.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 465 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was acquired at an average cost of $168.59 per share, with a total value of $78,394.35. Following the acquisition, the director now owns 55,919 shares in the company, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday. Scotiabank set a $186.00 target price on Simon Property Group in a research report on Friday, February 28th. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and upped their price target for the company from $179.00 to $198.00 in a research report on Thursday, January 2nd. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $175.00 to $205.00 in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price target for the company. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Simon Property Group has an average rating of “Moderate Buy” and a consensus price target of $180.33.

Simon Property Group Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.