Abbrea Capital LLC Buys Shares of 1,522 Simon Property Group, Inc. (NYSE:SPG)

Abbrea Capital LLC bought a new stake in Simon Property Group, Inc. (NYSE:SPG) during the 4th quarter, HoldingsChannel reports. The fund bought 1,522 shares of the real estate investment trust’s stock, valued at approximately $217,000.

Several other hedge funds have also recently bought and sold shares of SPG. CWM LLC increased its holdings in Simon Property Group by 33.5% in the 3rd quarter. CWM LLC now owns 6,412 shares of the real estate investment trust’s stock valued at $693,000 after buying an additional 1,608 shares during the period. GHP Investment Advisors Inc. bought a new stake in shares of Simon Property Group during the 3rd quarter valued at approximately $44,000. Caprock Group LLC grew its holdings in shares of Simon Property Group by 6.2% during the 3rd quarter. Caprock Group LLC now owns 3,195 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 187 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Simon Property Group by 5.1% during the 3rd quarter. Proficio Capital Partners LLC now owns 2,660 shares of the real estate investment trust’s stock valued at $287,000 after purchasing an additional 128 shares during the last quarter. Finally, Czech National Bank grew its holdings in shares of Simon Property Group by 47.7% during the 3rd quarter. Czech National Bank now owns 57,186 shares of the real estate investment trust’s stock valued at $6,178,000 after purchasing an additional 18,478 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SPG shares. Evercore ISI lifted their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Morgan Stanley boosted their price target on shares of 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. Finally, Truist Financial boosted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Simon Property Group has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Trading Down 0.1 %

Shares of NYSE:SPG traded down $0.08 during mid-day trading on Thursday, hitting $142.73. The company had a trading volume of 1,556,333 shares, compared to its average volume of 1,482,037. The firm has a fifty day moving average price of $149.30 and a 200 day moving average price of $136.51. The company has a market capitalization of $46.52 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 7.54 and a beta of 1.65. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82.

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

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a $1.95 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date was Thursday, March 7th. Simon Property Group’s payout ratio is 111.75%.

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

About Simon Property Group

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.