Castle Rock Wealth Management LLC raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 6.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,854 shares of the real estate investment trust's stock after acquiring an additional 299 shares during the quarter. Castle Rock Wealth Management LLC's holdings in Simon Property Group were worth $475,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tradition Wealth Management LLC bought a new position in shares of Simon Property Group during the first quarter valued at $25,000. Cyrus J. Lawrence LLC acquired a new stake in shares of Simon Property Group in the first quarter valued at $29,000. Tyler Stone Wealth Management acquired a new stake in shares of Simon Property Group in the fourth quarter valued at $38,000. SOA Wealth Advisors LLC. increased its stake in shares of Simon Property Group by 2,000.0% in the first quarter. SOA Wealth Advisors LLC. now owns 294 shares of the real estate investment trust's stock valued at $38,000 after buying an additional 280 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in shares of Simon Property Group in the first quarter valued at $38,000. 81.86% of the stock is owned by institutional investors.
Get Simon Property Group alerts:Simon Property Group Trading Up 1.3 %
Shares of Simon Property Group stock traded up $1.26 during trading on Wednesday, hitting $99.58. 14,800 shares of the company were exchanged, compared to its average volume of 1,694,218. The firm has a market capitalization of $34.15 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 1.90 and a beta of 1.49. Simon Property Group, Inc. has a 1-year low of $93.06 and a 1-year high of $171.12. The firm's fifty day moving average price is $104.82 and its 200 day moving average price is $112.48. The company has a debt-to-equity ratio of 7.13, a current ratio of 1.02 and a quick ratio of 1.02.
Simon Property Group (NYSE:SPG – Get Rating) last posted its earnings results on Monday, August 1st. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Simon Property Group had a return on equity of 56.93% and a net margin of 40.59%. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.92 EPS. As a group, sell-side analysts expect that Simon Property Group, Inc. will post 11.66 earnings per share for the current fiscal year.Simon Property Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 7.03%. The ex-dividend date is Thursday, September 8th. This is a boost from Simon Property Group's previous quarterly dividend of $1.70. Simon Property Group's payout ratio is 109.20%.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the company. Piper Sandler lowered their target price on Simon Property Group to $130.00 in a research note on Monday, July 4th. Morgan Stanley lowered their target price on Simon Property Group from $133.00 to $131.00 and set an "overweight" rating for the company in a research note on Monday, August 29th. Mizuho lowered their price objective on Simon Property Group from $158.00 to $115.00 and set a "neutral" rating for the company in a research report on Wednesday, August 3rd. UBS Group lifted their price objective on Simon Property Group from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Simon Property Group from $173.00 to $129.00 in a research report on Monday, July 18th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $142.29.
About Simon Property Group
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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.
Further Reading
- Get a free copy of the StockNews.com research report on Simon Property Group (SPG)
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