BCGM Wealth Management LLC Trims Holdings in Simon Property Group, Inc. (NYSE:SPG)

BCGM Wealth Management LLC lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,832 shares of the real estate investment trust’s stock after selling 154 shares during the quarter. BCGM Wealth Management LLC’s holdings in Simon Property Group were worth $1,493,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in SPG. Norges Bank acquired a new position in Simon Property Group in the fourth quarter worth $2,561,181,000. Vanguard Group Inc. lifted its position in shares of Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of Simon Property Group by 11,722.9% in the 4th quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock valued at $95,957,000 after buying an additional 667,034 shares during the period. Franklin Resources Inc. raised its stake in Simon Property Group by 134.3% during the fourth quarter. Franklin Resources Inc. now owns 563,825 shares of the real estate investment trust’s stock worth $80,424,000 after acquiring an additional 323,168 shares during the period. Finally, Castle Hook Partners LP lifted its holdings in Simon Property Group by 182.0% in the first quarter. Castle Hook Partners LP now owns 480,692 shares of the real estate investment trust’s stock worth $75,223,000 after acquiring an additional 310,207 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz acquired 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The transaction was disclosed in a filing 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 Stock Performance

Shares of SPG stock opened at $167.35 on Friday. The company has a market capitalization of $54.56 billion, a price-to-earnings ratio of 21.32, a P/E/G ratio of 9.17 and a beta of 1.75. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $169.18. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock’s fifty day simple moving average is $154.32 and its 200-day simple moving average is $150.55.

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

Simon Property Group Increases Dividend

The business 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 positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.90%. The ex-dividend date is Monday, September 9th. Simon Property Group’s payout ratio is 101.91%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Truist Financial lifted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday. Scotiabank increased their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Stifel Nicolaus raised their price target on Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, Argus upped their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $160.94.

Simon Property Group Company Profile

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.