Arete Wealth Advisors LLC Takes Position in Simon Property Group, Inc. (NYSE:SPG)

Arete Wealth Advisors LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,332 shares of the real estate investment trust’s stock, valued at approximately $562,000.

Other hedge funds also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. lifted its stake in Simon Property Group by 8.2% in the third quarter. Sunbelt Securities Inc. now owns 3,978 shares of the real estate investment trust’s stock worth $672,000 after purchasing an additional 300 shares during the last quarter. Chiron Investment Management LLC purchased a new stake in shares of Simon Property Group in the third quarter worth approximately $427,000. Coldstream Capital Management Inc. lifted its stake in shares of Simon Property Group by 5.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 6,114 shares of the real estate investment trust’s stock worth $1,040,000 after acquiring an additional 321 shares during the last quarter. MidWestOne Financial Group Inc. boosted its holdings in Simon Property Group by 5.8% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 5,866 shares of the real estate investment trust’s stock valued at $991,000 after acquiring an additional 322 shares during the period. Finally, Prestige Wealth Management Group LLC grew its position in Simon Property Group by 23,444.4% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 4,238 shares of the real estate investment trust’s stock valued at $716,000 after acquiring an additional 4,220 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group 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 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 1.09 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPG. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Truist Financial upped their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Mizuho lifted their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Finally, Scotiabank increased their price objective 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. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $165.44.

Simon Property Group Stock Performance

Shares of SPG stock opened at $177.20 on Friday. The firm has a market cap of $57.82 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 10.33 and a beta of 1.75. Simon Property Group, Inc. has a 52-week low of $133.11 and a 52-week high of $186.00. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The company’s 50 day moving average is $176.28 and its 200 day moving average is $163.24.

Simon Property Group (NYSE:SPG) last announced its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($1.54). The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business posted $3.20 EPS. On average, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.76 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. Shareholders of record on Monday, December 9th will be issued a $2.10 dividend. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.74%. Simon Property Group’s payout ratio is currently 111.85%.

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.