Forte Capital LLC ADV Makes New $630,000 Investment in Simon Property Group, Inc. (NYSE:SPG)

Forte Capital LLC ADV purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,727 shares of the real estate investment trust’s stock, valued at approximately $630,000.

Other large investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its holdings in Simon Property Group by 11.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after acquiring an additional 3,626 shares during the last quarter. M&G Plc acquired a new stake in Simon Property Group in the first quarter valued at $4,654,000. TTP Investments Inc. raised its position in Simon Property Group by 42.0% during the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after purchasing an additional 10,147 shares during the last quarter. Red Cedar Investment Management LLC raised its position in Simon Property Group by 153.2% during the 3rd quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after purchasing an additional 10,644 shares during the last quarter. Finally, Entropy Technologies LP acquired a new position in Simon Property Group during the 1st quarter worth about $731,000. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Trading Up 1.2 %

NYSE:SPG opened at $175.75 on Friday. The firm has a fifty day simple moving average of $168.89 and a two-hundred day simple moving average of $157.07. Simon Property Group, Inc. has a 12 month low of $113.40 and a 12 month high of $178.71. The stock has a market capitalization of $57.30 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 9.79 and a beta of 1.74. The company has a current ratio of 2.00, a quick ratio of 2.04 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last issued its 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 firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the business earned $3.20 earnings per share. The business’s quarterly revenue was up 4.9% on a year-over-year basis. Analysts expect that Simon Property Group, Inc. will post 12.83 EPS 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. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.78%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio is presently 109.19%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SPG. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Scotiabank lifted their target price on shares of 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. Finally, Mizuho boosted their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $162.78.

Insider Buying and Selling

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 8.60% of the stock is 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.