Legacy Financial Advisors Inc. Acquires 104 Shares of Simon Property Group, Inc. (NYSE:SPG)

Legacy Financial Advisors Inc. grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,461 shares of the real estate investment trust’s stock after buying an additional 104 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Simon Property Group were worth $374,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Clearstead Trust LLC bought a new position in Simon Property Group during the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Simon Property Group during the second quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new position in shares of Simon Property Group in the first quarter worth approximately $26,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Simon Property Group in the second quarter worth $27,000. Finally, Cape Investment Advisory Inc. increased its stake 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 worth $28,000 after buying an additional 192 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 486 shares of Simon Property Group stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.50% of the company’s stock.

Simon Property Group Stock Down 0.3 %

SPG stock opened at $166.55 on Friday. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The company has a market capitalization of $54.30 billion, a price-to-earnings ratio of 21.22, a price-to-earnings-growth ratio of 9.04 and a beta of 1.74. The business’s 50 day moving average price is $159.20 and its two-hundred day moving average price is $152.14. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the previous year, the company earned $2.88 earnings per share. Simon Property Group’s revenue for the quarter was up 4.8% on a year-over-year basis. As a group, analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $2.05 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date is Monday, September 9th. Simon Property Group’s payout ratio is currently 104.46%.

Analyst Ratings Changes

A number of brokerages have issued reports on SPG. Truist Financial raised their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Piper Sandler reissued a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Finally, Scotiabank boosted their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group presently has a consensus rating of “Hold” and an average price target of $162.78.

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.