Napa Wealth Management Buys New Stake in Simon Property Group, Inc. (NYSE:SPG)

Napa Wealth Management bought a new stake in Simon Property Group, Inc. (NYSE:SPG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,547 shares of the real estate investment trust’s stock, valued at approximately $261,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its stake in Simon Property Group by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after acquiring an additional 3,626 shares during the period. Red Cedar Investment Management LLC increased its stake in Simon Property Group by 153.2% in the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock valued at $2,973,000 after acquiring an additional 10,644 shares during the period. TTP Investments Inc. increased its stake in Simon Property Group by 42.0% in the third quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock valued at $5,796,000 after acquiring an additional 10,147 shares during the period. Forte Capital LLC ADV bought a new stake in Simon Property Group in the third quarter valued at about $630,000. Finally, Radnor Capital Management LLC bought a new stake in Simon Property Group in the third quarter valued at about $1,602,000. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on SPG shares. Piper Sandler reaffirmed 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. Mizuho upped their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $162.78.

Insider Buying and Selling

In related news, Director Allan B. Hubbard acquired 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by company insiders.

Simon Property Group Price Performance

SPG opened at $180.27 on Monday. Simon Property Group, Inc. has a one year low of $119.72 and a one year high of $182.84. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04. The company’s 50 day simple moving average is $170.77 and its 200-day simple moving average is $158.97. The stock has a market capitalization of $58.78 billion, a P/E ratio of 24.00, a price-to-earnings-growth ratio of 10.52 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the company earned $3.20 earnings per share. Simon Property Group’s revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts anticipate that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a yield of 4.66%. Simon Property Group’s dividend payout ratio (DPR) is 111.85%.

Simon Property Group Company Profile

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.