Strategic Financial Concepts LLC Has $64.37 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

Strategic Financial Concepts LLC grew its position in Simon Property Group, Inc. (NYSE:SPG) by 16,795.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 424,070 shares of the real estate investment trust’s stock after purchasing an additional 421,560 shares during the quarter. Strategic Financial Concepts LLC’s holdings in Simon Property Group were worth $64,374,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Diligent Investors LLC boosted its stake in shares of Simon Property Group by 0.5% in the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after purchasing an additional 68 shares in the last quarter. Augustine Asset Management Inc. grew its stake in shares of Simon Property Group by 3.8% during the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 68 shares during the last quarter. TIAA Trust National Association increased its holdings in shares of Simon Property Group by 3.7% during the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after buying an additional 69 shares in the last quarter. Inspire Advisors LLC lifted its stake in shares of Simon Property Group by 1.7% in the 1st quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock valued at $646,000 after acquiring an additional 70 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its holdings in shares of Simon Property Group by 26.9% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 73 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Up 0.2 %

SPG opened at $164.50 on Friday. The company has a fifty day moving average price of $155.87 and a two-hundred day moving average price of $151.15. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $169.18. The company has a market cap of $53.63 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 9.05 and a beta of 1.74. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.88 earnings per share. Analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a $2.05 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date is Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is currently 101.91%.

Analyst Ratings Changes

SPG has been the topic of several research reports. Stifel Nicolaus boosted their price target on Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Evercore ISI boosted their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Argus boosted their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Finally, Scotiabank raised their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group presently has an average rating of “Hold” and an average target price of $161.28.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of the stock in a transaction on Friday, June 28th. The shares were purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 8.50% of the stock is currently owned by insiders.

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.