Simon Property Group, Inc. (NYSE:SPG) Shares Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC boosted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 5.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 101,748 shares of the real estate investment trust’s stock after acquiring an additional 5,138 shares during the quarter. Simon Property Group comprises 1.1% of Sound Income Strategies LLC’s holdings, making the stock its 29th biggest position. Sound Income Strategies LLC’s holdings in Simon Property Group were worth $17,198,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Centaurus Financial Inc. acquired a new position in Simon Property Group during the fourth quarter worth $120,000. Syon Capital LLC increased its position in shares of Simon Property Group by 70.0% in the fourth quarter. Syon Capital LLC now owns 5,929 shares of the real estate investment trust’s stock worth $846,000 after acquiring an additional 2,441 shares in the last quarter. American International Group Inc. lifted its position in Simon Property Group by 0.5% during the 4th quarter. American International Group Inc. now owns 87,594 shares of the real estate investment trust’s stock worth $12,494,000 after acquiring an additional 405 shares in the last quarter. CCM Investment Advisers LLC acquired a new stake in shares of Simon Property Group during the fourth quarter valued at about $2,023,000. Finally, Wellington Management Group LLP raised its holdings in Simon Property Group by 61.5% in the fourth quarter. Wellington Management Group LLP now owns 490,187 shares of the real estate investment trust’s stock valued at $69,920,000 after acquiring an additional 186,740 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Insider Buying and Selling

In related news, Director Allan B. Hubbard acquired 370 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

Shares of Simon Property Group stock traded up $2.95 during midday trading on Friday, hitting $170.78. 1,135,442 shares of the company were exchanged, compared to its average volume of 1,683,032. The firm has a market cap of $55.68 billion, a P/E ratio of 21.70, a PEG ratio of 9.20 and a beta of 1.74. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The firm has a 50 day simple moving average of $163.88 and a 200-day simple moving average of $153.91. Simon Property Group, Inc. has a 52 week low of $104.05 and a 52 week high of $171.51.

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

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were issued a dividend of $2.05 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.80%. The ex-dividend date was Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is 104.19%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SPG. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their target price for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Finally, Truist Financial lifted their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $162.78.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.