Naviter Wealth LLC Boosts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Naviter Wealth LLC boosted its stake in Simon Property Group, Inc. (NYSE:SPG) by 19.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,115 shares of the real estate investment trust’s stock after purchasing an additional 4,064 shares during the quarter. Naviter Wealth LLC’s holdings in Simon Property Group were worth $3,582,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Simon Property Group by 6.4% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 81,817 shares of the real estate investment trust’s stock valued at $8,839,000 after acquiring an additional 4,900 shares during the last quarter. Edmp Inc. increased its holdings in shares of Simon Property Group by 34.0% in the 3rd quarter. Edmp Inc. now owns 2,696 shares of the real estate investment trust’s stock worth $291,000 after buying an additional 684 shares during the last quarter. Financial Management Network Inc. increased its stake in Simon Property Group by 1.0% during the third quarter. Financial Management Network Inc. now owns 18,539 shares of the real estate investment trust’s stock worth $1,936,000 after acquiring an additional 178 shares during the last quarter. Raymond James & Associates raised its position in Simon Property Group by 1.2% during the third quarter. Raymond James & Associates now owns 233,143 shares of the real estate investment trust’s stock valued at $25,186,000 after purchasing an additional 2,785 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in shares of Simon Property Group by 8.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 58,386 shares of the real estate investment trust’s stock valued at $6,307,000 after purchasing an additional 4,739 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SPG shares. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Truist Financial boosted their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Evercore ISI raised their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Finally, Morgan Stanley upped their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Simon Property Group currently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Trading Up 1.3 %

SPG stock traded up $1.78 during mid-day trading on Monday, reaching $144.14. The company had a trading volume of 350,113 shares, compared to its average volume of 1,464,643. The company has a market capitalization of $46.98 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 7.47 and a beta of 1.65. The firm has a 50 day moving average of $149.04 and a 200 day moving average of $137.23. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $157.82. 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 (NYSE:SPG) last announced its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period last year, the company earned $3.15 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group announced that its board has approved 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 buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Simon Property Group Increases Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 5.41%. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s payout ratio is presently 111.75%.

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.