Cornerstone Wealth Group LLC Has $3.83 Million Holdings in Simon Property Group, Inc. (NYSE:SPG)

Cornerstone Wealth Group LLC boosted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.9% in the third quarter, HoldingsChannel reports. The fund owned 22,665 shares of the real estate investment trust’s stock after buying an additional 423 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Simon Property Group were worth $3,831,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Simon Property Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Boston Partners lifted its holdings in shares of Simon Property Group by 4.2% during the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after buying an additional 92,648 shares during the last quarter. Centersquare Investment Management LLC lifted its holdings in shares of Simon Property Group by 4.5% during the 1st quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock valued at $283,905,000 after buying an additional 78,866 shares during the last quarter. PGGM Investments lifted its holdings in shares of Simon Property Group by 1.9% during the 2nd quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock valued at $187,947,000 after buying an additional 23,186 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Simon Property Group by 6.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,074,587 shares of the real estate investment trust’s stock valued at $162,689,000 after buying an additional 67,513 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $172.18 on Thursday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The business’s 50 day moving average is $168.39 and its two-hundred day moving average is $156.01. The company has a market cap of $56.12 billion, a P/E ratio of 21.93, a P/E/G ratio of 9.35 and a beta of 1.74. Simon Property Group, Inc. has a 12 month low of $104.93 and a 12 month high of $177.08.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). The business had revenue of $1.32 billion during 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 business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.88 earnings per share. On average, equities analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were given a dividend of $2.05 per share. The ex-dividend date was Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.76%. Simon Property Group’s payout ratio is currently 104.46%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SPG shares. Piper Sandler reiterated a “neutral” rating and set a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Scotiabank raised their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Finally, StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $162.78.

Insider Activity

In other news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction dated 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 transaction, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 8.50% of the stock is currently owned by company insiders.

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.