Market Street Wealth Management Advisors LLC Increases Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Market Street Wealth Management Advisors LLC grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,925 shares of the real estate investment trust’s stock after purchasing an additional 77 shares during the quarter. Market Street Wealth Management Advisors LLC’s holdings in Simon Property Group were worth $504,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SPG. Capital Performance Advisors LLP bought a new stake in Simon Property Group during the third quarter valued at approximately $30,000. Trivant Custom Portfolio Group LLC purchased a new position in shares of Simon Property Group during the 3rd quarter worth $42,000. Eastern Bank purchased a new stake in shares of Simon Property Group in the 3rd quarter worth $42,000. Ashton Thomas Securities LLC purchased a new stake in shares of Simon Property Group in the 3rd quarter worth $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in Simon Property Group by 107.5% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 413 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 214 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $179.00 to $198.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on Simon Property Group in a research note on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective for the company. Mizuho lifted their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $172.10.

Insiders Place Their Bets

In other Simon Property Group news, Director Reuben S. Leibowitz bought 465 shares of Simon Property Group stock in a transaction dated Monday, December 30th. The shares were purchased at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the acquisition, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $172.90 on Thursday. The firm has a market cap of $56.41 billion, a price-to-earnings ratio of 23.02, a P/E/G ratio of 9.43 and a beta of 1.75. The firm has a fifty day moving average price of $176.87 and a 200 day moving average price of $168.40. Simon Property Group, Inc. has a fifty-two week low of $135.15 and a fifty-two week high of $186.00. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data 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). The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the company earned $3.20 EPS. As a group, sell-side analysts expect that Simon Property Group, Inc. will post 12.72 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Monday, December 9th were issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 4.86%. The ex-dividend date was Monday, December 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is currently 111.85%.

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.