PFG Investments LLC Purchases 1,171 Shares of Simon Property Group, Inc. (NYSE:SPG)

PFG Investments LLC raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 56.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,232 shares of the real estate investment trust’s stock after buying an additional 1,171 shares during the quarter. PFG Investments LLC’s holdings in Simon Property Group were worth $506,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPG. Coldstream Capital Management Inc. boosted its holdings in Simon Property Group by 1.5% in the fourth quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock valued at $741,000 after acquiring an additional 77 shares during the last quarter. Cascade Investment Group Inc. raised its position in Simon Property Group by 0.5% in the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after buying an additional 80 shares during the last quarter. Salem Investment Counselors Inc. raised its position in Simon Property Group by 16.6% in the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 80 shares during the last quarter. Schechter Investment Advisors LLC raised its position in Simon Property Group by 2.4% in the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 81 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC increased its position in shares of Simon Property Group by 1.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock worth $794,000 after purchasing an additional 83 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

Shares of SPG traded up $2.46 during mid-day trading on Monday, reaching $144.82. 1,110,951 shares of the stock traded hands, compared to its average volume of 1,474,205. The firm has a fifty day moving average price of $148.94 and a 200 day moving average price of $137.49. 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 company has a market cap of $47.20 billion, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 7.47 and a beta of 1.65. Simon Property Group, Inc. has a 1 year low of $100.17 and a 1 year high of $157.82.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 EPS 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 firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company posted $3.15 earnings per share. The business’s revenue was up 9.1% on a year-over-year basis. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group announced that its Board of Directors has authorized a stock buyback program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently announced 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 a boost from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a yield of 5.39%. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.

Analyst Ratings Changes

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

Simon Property Group Company 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.