Kore Private Wealth LLC cut its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 7.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,936 shares of the real estate investment trust’s stock after selling 220 shares during the quarter. Kore Private Wealth LLC’s holdings in Simon Property Group were worth $383,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Ameritas Investment Company LLC purchased a new position in Simon Property Group during the 1st quarter worth approximately $25,000. KB Financial Partners LLC acquired a new stake in shares of Simon Property Group during the 1st quarter worth approximately $27,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Simon Property Group by 45.0% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 274 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 85 shares during the period. FFT Wealth Management LLC acquired a new stake in shares of Simon Property Group during the 2nd quarter worth approximately $35,000. Finally, Fieldpoint Private Securities LLC acquired a new stake in shares of Simon Property Group during the 2nd quarter worth approximately $37,000. 86.37% of the stock is owned by institutional investors.
A number of equities research analysts have recently commented on the stock. TheStreet raised shares of Simon Property Group from a “c+” rating to a “b” rating in a research note on Thursday, September 30th. Piper Sandler lifted their price target on shares of Simon Property Group from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, September 1st. Bank of America raised shares of Simon Property Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $141.00 to $150.00 in a research note on Wednesday, August 4th. Truist lifted their price target on shares of Simon Property Group from $130.00 to $136.00 and gave the company a “hold” rating in a research note on Monday, August 16th. They noted that the move was a valuation call. Finally, Morgan Stanley lifted their price target on shares of Simon Property Group from $150.00 to $161.00 and gave the company an “overweight” rating in a research note on Friday, August 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $137.83.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Sunday, August 1st. The real estate investment trust reported $1.56 EPS for the quarter, missing the consensus estimate of $2.37 by ($0.81). The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Simon Property Group had a return on equity of 43.97% and a net margin of 31.67%. The firm’s revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 EPS. Research analysts expect that Simon Property Group, Inc. will post 10.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 30th. Investors of record on Thursday, September 9th were issued a $1.50 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 4.37%. The ex-dividend date was Wednesday, September 8th. Simon Property Group’s payout ratio is 65.86%.
Simon Property Group Profile
Simon Property Group, Inc operates as a self-administered and self-managed real estate investment trust. It owns, develops and manages retail real estate properties which primarily consist of regional malls, premium outlets and mills. Simon Property Group specializes in the ownership, development, management, leasing, acquisition and expansion of income-producing retail real estate assets.
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