Aspiriant LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Aspiriant LLC bought a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,281 shares of the real estate investment trust’s stock, valued at approximately $1,139,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Simon Property Group during the fourth quarter worth $2,561,181,000. International Assets Investment Management LLC lifted its holdings in shares of Simon Property Group by 13,226.4% during the fourth quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after purchasing an additional 913,678 shares during the period. Panagora Asset Management Inc. lifted its holdings in shares of Simon Property Group by 11,722.9% during the fourth quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after purchasing an additional 667,034 shares during the period. Duff & Phelps Investment Management Co. lifted its holdings in shares of Simon Property Group by 160.1% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock worth $108,887,000 after purchasing an additional 469,855 shares during the period. Finally, American Century Companies Inc. lifted its holdings in shares of Simon Property Group by 65.3% during the third quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust’s stock worth $92,278,000 after purchasing an additional 337,430 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $149.81 on Friday. The firm’s 50-day moving average price is $147.21 and its 200-day moving average price is $146.49. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $157.82. The firm has a market capitalization of $48.83 billion, a P/E ratio of 19.08, a P/E/G ratio of 8.77 and a beta of 1.71. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the company posted $2.74 EPS. Simon Property Group’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, June 7th. This represents a $8.00 annualized dividend and a dividend yield of 5.34%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio is currently 101.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SPG. Truist Financial lifted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Argus boosted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Scotiabank boosted their target price on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $147.60.

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.