Sagespring Wealth Partners LLC Boosts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Sagespring Wealth Partners LLC grew its stake in Simon Property Group, Inc. (NYSE:SPGFree Report) by 23.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,093 shares of the real estate investment trust’s stock after purchasing an additional 589 shares during the period. Sagespring Wealth Partners LLC’s holdings in Simon Property Group were worth $514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Sowell Financial Services LLC purchased a new stake in shares of Simon Property Group in the first quarter valued at approximately $1,542,000. Janney Montgomery Scott LLC grew its position in Simon Property Group by 1.9% in the first quarter. Janney Montgomery Scott LLC now owns 70,286 shares of the real estate investment trust’s stock worth $11,673,000 after acquiring an additional 1,296 shares during the period. Optas LLC grew its position in Simon Property Group by 6.0% in the first quarter. Optas LLC now owns 1,812 shares of the real estate investment trust’s stock worth $301,000 after acquiring an additional 102 shares during the period. Brighton Jones LLC grew its position in Simon Property Group by 6.0% in the first quarter. Brighton Jones LLC now owns 1,815 shares of the real estate investment trust’s stock worth $301,000 after acquiring an additional 102 shares during the period. Finally, Exchange Traded Concepts LLC grew its position in Simon Property Group by 27.1% in the first quarter. Exchange Traded Concepts LLC now owns 69,465 shares of the real estate investment trust’s stock worth $11,537,000 after acquiring an additional 14,829 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on SPG shares. Scotiabank increased their price objective on Simon Property Group from $159.00 to $163.00 and gave the stock a “sector perform” rating in a research report on Tuesday. JPMorgan Chase & Co. lowered their price objective on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Stifel Nicolaus increased their price objective on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Piper Sandler lowered their price objective on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, May 23rd. Finally, Wall Street Zen lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group has an average rating of “Hold” and a consensus target price of $179.44.

Get Our Latest Research Report on SPG

Simon Property Group Trading Down 0.1%

SPG opened at $156.97 on Thursday. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.14. The business has a fifty day simple moving average of $158.31 and a 200-day simple moving average of $168.00. The firm has a market cap of $51.24 billion, a P/E ratio of 25.00, a P/E/G ratio of 8.76 and a beta of 1.47. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29.

Simon Property Group (NYSE:SPGGet Free Report) last released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, topping the consensus estimate of $2.91 by $0.04. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $3.56 earnings per share. On average, equities analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 5.35%. The ex-dividend date is Monday, June 9th. Simon Property Group’s payout ratio is currently 133.76%.

About Simon Property Group

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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