GAMMA Investing LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 2,620 shares of the real estate investment trust’s stock, valued at approximately $363,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LPL Financial LLC lifted its position in Simon Property Group by 16.6% in the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after purchasing an additional 51,380 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Simon Property Group by 4.6% during the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after buying an additional 6,703 shares during the period. SG Americas Securities LLC increased its stake in shares of Simon Property Group by 121.5% during the fourth quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after buying an additional 17,552 shares during the period. Cornerstone Wealth Management LLC purchased a new position in shares of Simon Property Group during the fourth quarter valued at approximately $238,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Simon Property Group by 9.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock valued at $11,670,000 after buying an additional 7,250 shares during the period. Institutional investors own 93.01% of the company’s stock.
Simon Property Group Trading Down 0.7 %
Shares of NYSE:SPG opened at $142.82 on Thursday. The company has a market cap of $46.55 billion, a P/E ratio of 20.46, a PEG 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 1 year low of $100.17 and a 1 year high of $157.82. The stock’s fifty day moving average price is $149.30 and its 200-day moving average price is $136.51.
Simon Property Group declared that its board has authorized a share repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Simon Property Group Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a dividend of $1.95 per share. 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 dividend payout ratio is presently 111.75%.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on SPG shares. Morgan Stanley upped their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Truist Financial upped their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Evercore ISI boosted their target price on 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, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.
Get Our Latest Research Report on SPG
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.
Recommended Stories
- Five stocks we like better than Simon Property Group
- How to Invest in the Best Canadian StocksĀ
- A Mega Market Reset for Meta Platforms Stock
- How the NYSE and NASDAQ are Different, Why That Matters to Investors
- Nucor Stock Earnings Riding the Steel Industry Wave
- What Are Dividend Contenders? Investing in Dividend Contenders
- Simpson Manufacturing: Buy This Future Dividend King While Down
Receive News & Ratings for Simon Property Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simon Property Group and related companies with MarketBeat.com's FREE daily email newsletter.