10,984 Shares in Simon Property Group, Inc. (NYSE:SPG) Acquired by Signet Financial Management LLC

Signet Financial Management LLC acquired a new position in Simon Property Group, Inc. (NYSE:SPG) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 10,984 shares of the real estate investment trust’s stock, valued at approximately $1,567,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Financial Freedom LLC acquired a new position in Simon Property Group in the fourth quarter worth approximately $27,000. DT Investment Partners LLC increased its holdings in Simon Property Group by 714.3% in the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 200 shares during the last quarter. Arlington Trust Co LLC acquired a new position in Simon Property Group in the third quarter worth approximately $25,000. BOK Financial Private Wealth Inc. acquired a new position in Simon Property Group in the fourth quarter worth approximately $34,000. Finally, Tyler Stone Wealth Management acquired a new position in Simon Property Group in the second quarter worth approximately $27,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Down 1.4 %

SPG opened at $140.35 on Wednesday. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock has a market capitalization of $45.74 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 7.47 and a beta of 1.65. The business has a 50 day moving average of $149.61 and a 200-day moving average of $135.15.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the company posted $3.15 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group announced that its board has authorized a stock repurchase plan on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 5.56%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s dividend payout ratio is currently 111.75%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Tuesday, April 9th. Morgan Stanley upped their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Evercore ISI upped their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Truist Financial upped their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Finally, Piper Sandler upped their target price on Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 20th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.22.

Simon Property Group Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.