Miracle Mile Advisors LLC Acquires 7,075 Shares of Simon Property Group, Inc. (NYSE:SPG)

Miracle Mile Advisors LLC boosted its holdings in Simon Property Group, Inc. (NYSE:SPG) by 77.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,230 shares of the real estate investment trust’s stock after acquiring an additional 7,075 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Simon Property Group were worth $2,795,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Capital Performance Advisors LLP bought a new stake in shares of Simon Property Group in the 3rd quarter valued at approximately $30,000. Trivant Custom Portfolio Group LLC bought a new stake in Simon Property Group in the third quarter valued at $42,000. Eastern Bank acquired a new position in Simon Property Group during the third quarter worth $42,000. Ashton Thomas Securities LLC bought a new position in shares of Simon Property Group during the third quarter valued at $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Simon Property Group by 107.5% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 413 shares of the real estate investment trust’s stock valued at $70,000 after purchasing an additional 214 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Up 1.2 %

Shares of NYSE:SPG opened at $172.98 on Tuesday. The company has a 50 day moving average of $177.40 and a 200-day moving average of $167.28. Simon Property Group, Inc. has a one year low of $135.15 and a one year high of $186.00. The stock has a market cap of $56.44 billion, a price-to-earnings ratio of 23.03, a P/E/G ratio of 10.50 and a beta of 1.75. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last issued its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the firm posted $3.20 EPS. The business’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.76 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Monday, December 9th were issued a dividend of $2.10 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.86%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is 111.85%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SPG shares. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Simon Property Group in a research report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective for the company. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and increased their target price for the stock from $179.00 to $198.00 in a report on Thursday, January 2nd. Finally, Mizuho upped their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $172.10.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 465 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were acquired at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the transaction, the director now directly owns 55,919 shares of the company’s stock, valued at approximately $9,427,384.21. The trade was a 0.84 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Company 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.