Norden Group LLC Takes $6.05 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Norden Group LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 38,656 shares of the real estate investment trust’s stock, valued at approximately $6,050,000.

Other large investors also recently modified their holdings of the company. Cape Investment Advisory Inc. boosted its position in shares of Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 192 shares during the period. BOK Financial Private Wealth Inc. bought a new position in shares of Simon Property Group in the fourth quarter valued at approximately $34,000. Bruce G. Allen Investments LLC bought a new position in shares of Simon Property Group in the fourth quarter valued at approximately $41,000. Indiana Trust & Investment Management CO purchased a new stake in Simon Property Group in the first quarter valued at approximately $41,000. Finally, Rise Advisors LLC raised its stake in Simon Property Group by 145.9% in the first quarter. Rise Advisors LLC now owns 273 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 162 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SPG. Truist Financial raised their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Scotiabank raised 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 research note on Thursday, May 16th. Argus raised their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $147.60.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the acquisition, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.60% of the company’s stock.

Simon Property Group Stock Up 0.3 %

Shares of Simon Property Group stock opened at $148.26 on Friday. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $157.82. The stock has a market capitalization of $48.32 billion, a price-to-earnings ratio of 18.89, a P/E/G ratio of 8.81 and a beta of 1.75. The company’s 50 day moving average price is $147.90 and its 200-day moving average price is $146.80.

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

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $2.00 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date was Friday, June 7th. This represents a $8.00 annualized dividend and a dividend yield of 5.40%. Simon Property Group’s dividend payout ratio (DPR) is currently 101.91%.

Simon Property Group Profile

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.