Kestra Private Wealth Services LLC Buys Shares of 2,579 Simon Property Group, Inc. (NYSE:SPG)

Kestra Private Wealth Services LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,579 shares of the real estate investment trust’s stock, valued at approximately $368,000.

Several other institutional investors have also recently made changes to their positions in SPG. International Assets Investment Management LLC lifted its holdings in shares of Simon Property Group by 13,226.4% in the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after acquiring an additional 913,678 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of Simon Property Group in the 3rd quarter valued at $69,423,000. American Century Companies Inc. raised its holdings in Simon Property Group by 65.3% in the third quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust’s stock valued at $92,278,000 after acquiring an additional 337,430 shares in the last quarter. Sapient Capital LLC purchased a new stake in shares of Simon Property Group in the 4th quarter valued at approximately $25,725,000. Finally, Schroder Investment Management Group raised its holdings in shares of Simon Property Group by 16.6% in the 3rd quarter. Schroder Investment Management Group now owns 1,267,131 shares of the real estate investment trust’s stock valued at $136,888,000 after purchasing an additional 180,318 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Morgan Stanley raised their price objective 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. Evercore ISI upped their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Finally, Truist Financial boosted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $147.95 on Wednesday. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The stock has a market capitalization of $48.22 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 7.50 and a beta of 1.68. The company has a 50-day simple moving average of $148.08 and a 200-day simple moving average of $138.97. 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) last posted its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the company earned $2.74 earnings per share. The firm’s revenue was up 6.8% on a year-over-year basis. On average, analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

Simon Property Group announced that its board has approved a stock buyback program on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.