Truvestments Capital LLC Raises Position in Simon Property Group, Inc. (NYSE:SPG)

Truvestments Capital LLC raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.7% during the fourth quarter, HoldingsChannel reports. The firm owned 23,354 shares of the real estate investment trust’s stock after buying an additional 396 shares during the quarter. Simon Property Group comprises 1.0% of Truvestments Capital LLC’s holdings, making the stock its 15th largest position. Truvestments Capital LLC’s holdings in Simon Property Group were worth $4,022,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPG. Hopwood Financial Services Inc. purchased a new stake in shares of Simon Property Group in the fourth quarter worth approximately $28,000. WR Wealth Planners LLC increased its holdings in Simon Property Group by 328.2% during the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 128 shares during the period. New England Capital Financial Advisors LLC purchased a new position in Simon Property Group during the 4th quarter worth $30,000. Capital Performance Advisors LLP purchased a new position in Simon Property Group during the 3rd quarter worth $30,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in Simon Property Group during the 4th quarter worth $41,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz purchased 465 shares of the stock in a transaction on Monday, December 30th. The stock was bought at an average price of $168.59 per share, with a total value of $78,394.35. Following the transaction, the director now owns 55,919 shares in the company, valued at $9,427,384.21. The trade was a 0.84 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.50% of the stock is currently owned by insiders.

Simon Property Group Stock Down 1.0 %

Simon Property Group stock opened at $163.64 on Wednesday. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. The stock has a market capitalization of $53.39 billion, a price-to-earnings ratio of 22.54, a PEG ratio of 10.10 and a beta of 1.78. Simon Property Group, Inc. has a 1-year low of $139.25 and a 1-year high of $190.14. The business has a fifty day moving average price of $177.75 and a 200-day moving average price of $174.60.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Equities research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a dividend of $2.10 per share. The ex-dividend date is Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a yield of 5.13%. Simon Property Group’s dividend payout ratio is currently 115.70%.

Analyst Upgrades and Downgrades

SPG has been the topic of several research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Simon Property Group in a report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective on the stock. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday. Scotiabank set a $186.00 price objective on Simon Property Group in a report on Friday, February 28th. Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and increased their target price for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Finally, Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and increased their target price for the company from $179.00 to $198.00 in a research report on Thursday, January 2nd. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and an average price target of $180.33.

Simon Property Group 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.