Mission Wealth Management LP Boosts Holdings in Simon Property Group, Inc. (NYSE:SPG)

Mission Wealth Management LP raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 34.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,407 shares of the real estate investment trust’s stock after purchasing an additional 618 shares during the quarter. Mission Wealth Management LP’s holdings in Simon Property Group were worth $377,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in SPG. Coldstream Capital Management Inc. boosted its position in Simon Property Group by 1.5% in the 4th quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock valued at $741,000 after buying an additional 77 shares during the period. Salem Investment Counselors Inc. boosted its position in Simon Property Group by 16.6% in the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 80 shares during the period. Cascade Investment Group Inc. boosted its position in Simon Property Group by 0.5% in the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after buying an additional 80 shares during the period. Schechter Investment Advisors LLC boosted its position in Simon Property Group by 2.4% in the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 81 shares during the period. Finally, Sound View Wealth Advisors Group LLC boosted its position in Simon Property Group by 1.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock valued at $794,000 after buying an additional 83 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 486 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were purchased at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the transaction, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Scotiabank boosted their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a research report on Thursday, May 16th. Argus upped their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Truist Financial upped 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. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Simon Property Group has an average rating of “Moderate Buy” and an average target price of $149.89.

Simon Property Group Stock Performance

Shares of NYSE SPG traded down $2.17 during midday trading on Friday, hitting $146.09. The company’s stock had a trading volume of 962,839 shares, compared to its average volume of 1,552,001. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $157.82. The firm’s fifty day moving average price is $148.08 and its 200-day moving average price is $146.83. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19. The firm has a market cap of $47.62 billion, a P/E ratio of 18.61, a P/E/G ratio of 8.81 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results 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). The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm posted $2.74 earnings per share. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $2.00 dividend. The ex-dividend date was Friday, June 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.48%. Simon Property Group’s dividend payout ratio (DPR) is currently 101.91%.

About Simon Property Group

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.