Icon Wealth Advisors LLC Raises Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Icon Wealth Advisors LLC boosted its position in Simon Property Group, Inc. (NYSE:SPG) by 8,856.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 128,254 shares of the real estate investment trust’s stock after purchasing an additional 126,822 shares during the quarter. Simon Property Group accounts for about 0.8% of Icon Wealth Advisors LLC’s holdings, making the stock its 15th largest holding. Icon Wealth Advisors LLC’s holdings in Simon Property Group were worth $21,677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Los Angeles Capital Management LLC increased its stake in Simon Property Group by 373.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock worth $212,906,000 after acquiring an additional 993,694 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Simon Property Group by 18,764.1% in the third quarter. International Assets Investment Management LLC now owns 892,085 shares of the real estate investment trust’s stock worth $150,780,000 after purchasing an additional 887,356 shares during the last quarter. Mizuho Securities USA LLC increased its position in shares of Simon Property Group by 2,520.3% in the third quarter. Mizuho Securities USA LLC now owns 658,191 shares of the real estate investment trust’s stock worth $111,247,000 after purchasing an additional 633,072 shares during the last quarter. Strategic Financial Concepts LLC raised its stake in Simon Property Group by 16,795.2% in the second quarter. Strategic Financial Concepts LLC now owns 424,070 shares of the real estate investment trust’s stock valued at $64,374,000 after purchasing an additional 421,560 shares in the last quarter. Finally, KBC Group NV grew its stake in Simon Property Group by 250.7% in the 3rd quarter. KBC Group NV now owns 325,704 shares of the real estate investment trust’s stock worth $55,051,000 after buying an additional 232,840 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SPG shares. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Scotiabank lifted their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Piper Sandler reiterated a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Mizuho upped their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Finally, StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Stock Performance

NYSE:SPG opened at $181.80 on Friday. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. Simon Property Group, Inc. has a fifty-two week low of $119.92 and a fifty-two week high of $182.84. The business has a 50 day moving average price of $172.21 and a 200-day moving average price of $159.82. The firm has a market cap of $59.32 billion, a PE ratio of 24.21, a price-to-earnings-growth ratio of 10.57 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the business earned $3.20 EPS. Equities research analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.62%. Simon Property Group’s dividend payout ratio is presently 111.85%.

Simon Property Group Profile

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.