Carnegie Capital Asset Management LLC Buys Shares of 1,554 Simon Property Group, Inc. (NYSE:SPG)

Carnegie Capital Asset Management LLC bought a new stake in shares of Simon Property Group, Inc. (NYSE:SPG) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,554 shares of the real estate investment trust’s stock, valued at approximately $222,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Advisors Inc. OK boosted its stake in Simon Property Group by 3.2% during the 4th quarter. Capital Advisors Inc. OK now owns 259,978 shares of the real estate investment trust’s stock valued at $37,083,000 after purchasing an additional 8,173 shares during the period. Louisiana State Employees Retirement System acquired a new position in Simon Property Group during the 4th quarter valued at about $2,810,000. Simplicity Solutions LLC boosted its stake in Simon Property Group by 6.1% during the 4th quarter. Simplicity Solutions LLC now owns 5,955 shares of the real estate investment trust’s stock valued at $849,000 after purchasing an additional 340 shares during the period. Graypoint LLC raised its position in shares of Simon Property Group by 7.4% during the 4th quarter. Graypoint LLC now owns 2,685 shares of the real estate investment trust’s stock worth $383,000 after buying an additional 185 shares in the last quarter. Finally, Clarius Group LLC raised its position in shares of Simon Property Group by 283.6% during the 4th quarter. Clarius Group LLC now owns 10,013 shares of the real estate investment trust’s stock worth $1,428,000 after buying an additional 7,403 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on SPG shares. The Goldman Sachs Group boosted their price target on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. Morgan Stanley boosted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Truist Financial boosted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Evercore ISI boosted their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Finally, Piper Sandler boosted 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. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Stock Up 0.4 %

SPG stock opened at $140.90 on Thursday. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82. The company’s 50 day simple moving average is $149.56 and its 200-day simple moving average is $135.19. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market capitalization of $45.92 billion, a P/E ratio of 20.19, a P/E/G ratio of 7.36 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last released its quarterly 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 firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the firm earned $3.15 EPS. The firm’s revenue was up 9.1% compared to the same quarter last year. As a group, equities research analysts anticipate 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 share buyback plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a dividend of $1.95 per share. The ex-dividend date was Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.54%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group Company 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.