Morningstar Investment Management LLC Buys New Stake in Simon Property Group, Inc. (NYSE:SPG)

Morningstar Investment Management LLC bought a new stake in Simon Property Group, Inc. (NYSE:SPG – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,667 shares of the real estate investment trust’s stock, valued at approximately $313,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. New England Capital Financial Advisors LLC bought a new stake in Simon Property Group in the fourth quarter valued at about $25,000. Muzinich & Co. Inc. bought a new stake in Simon Property Group during the fourth quarter worth about $25,000. US Asset Management LLC bought a new stake in Simon Property Group during the fourth quarter worth about $26,000. TCI Wealth Advisors Inc. grew its stake in Simon Property Group by 259.1% during the fourth quarter. TCI Wealth Advisors Inc. now owns 237 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 171 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its stake in Simon Property Group by 61.8% during the third quarter. Zions Bancorporation N.A. now owns 356 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 136 shares during the last quarter. Institutional investors own 83.89% of the company’s stock.

Simon Property Group Stock Performance

SPG stock traded up $0.91 during trading hours on Friday, reaching $102.16. The stock had a trading volume of 428,645 shares, compared to its average volume of 1,523,557. The stock has a market capitalization of $33.41 billion, a PE ratio of 15.38, a price-to-earnings-growth ratio of 2.48 and a beta of 1.51. The company has a debt-to-equity ratio of 7.50, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a 50-day simple moving average of $107.93 and a 200 day simple moving average of $116.06. Simon Property Group, Inc. has a fifty-two week low of $86.02 and a fifty-two week high of $133.08.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 9th will be paid a $1.85 dividend. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $7.40 dividend on an annualized basis and a yield of 7.24%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.80. Simon Property Group’s dividend payout ratio (DPR) is currently 109.09%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SPG shares. StockNews.com assumed coverage on shares of Simon Property Group in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Morgan Stanley increased their price objective on shares of Simon Property Group from $131.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, February 22nd. Truist Financial increased their price objective on shares of Simon Property Group from $125.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 21st. Mizuho cut their price objective on shares of Simon Property Group from $116.00 to $106.00 in a report on Friday. Finally, Stifel Nicolaus lowered their target price on shares of Simon Property Group from $135.00 to $129.50 in a research note on Wednesday, May 3rd. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.63.

Insider Buying and Selling at Simon Property Group

In other news, Director Karen N. Horn purchased 551 shares of the business’s stock in a transaction on Friday, March 31st. The stock was purchased at an average price of $109.33 per share, for a total transaction of $60,240.83. Following the completion of the purchase, the director now directly owns 34,079 shares in the company, valued at approximately $3,725,857.07. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Profile

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Simon Property Group, Inc is a self-administered and self-managed real estate investment trust, which engages in the ownership, development, and management of shopping, dining, entertainment, and mixed-used destinations, which consist primarily of malls, Premium Outlets, and The Mills. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in 1993 and is headquartered in Indianapolis, IN.