Meridian Wealth Management LLC Acquires New Position in Simon Property Group, Inc. (NYSE:SPG)

Meridian Wealth Management LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,259 shares of the real estate investment trust’s stock, valued at approximately $378,000.

Several other hedge funds also recently bought and sold shares of the stock. Icon Wealth Advisors LLC boosted its stake in Simon Property Group by 8,856.3% during the third quarter. Icon Wealth Advisors LLC now owns 128,254 shares of the real estate investment trust’s stock worth $21,677,000 after buying an additional 126,822 shares during the period. Raymond James Trust N.A. boosted its stake in Simon Property Group by 1.6% during the third quarter. Raymond James Trust N.A. now owns 6,996 shares of the real estate investment trust’s stock worth $1,182,000 after buying an additional 110 shares during the period. Activest Wealth Management boosted its stake in Simon Property Group by 20.0% during the third quarter. Activest Wealth Management now owns 1,290 shares of the real estate investment trust’s stock worth $218,000 after buying an additional 215 shares during the period. Intech Investment Management LLC boosted its stake in Simon Property Group by 21.2% during the third quarter. Intech Investment Management LLC now owns 31,388 shares of the real estate investment trust’s stock worth $5,305,000 after buying an additional 5,484 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Simon Property Group by 168.7% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 219,579 shares of the real estate investment trust’s stock worth $37,114,000 after buying an additional 137,850 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on SPG shares. Scotiabank increased their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Mizuho increased their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Finally, Truist Financial increased their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $162.78.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 8.60% of the stock is currently owned by insiders.

Simon Property Group Stock Down 0.4 %

Shares of NYSE:SPG opened at $181.14 on Monday. The firm’s 50 day moving average price is $172.55 and its 200 day moving average price is $160.25. The stock has a market cap of $59.10 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 10.57 and a beta of 1.74. Simon Property Group, Inc. has a fifty-two week low of $119.92 and a fifty-two week high of $183.96. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last announced its quarterly 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). The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.20 earnings per share. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a $2.10 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio is currently 109.19%.

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.