Land & Buildings Investment Management LLC Acquires Shares of 82,012 Simon Property Group, Inc. (NYSE:SPG)

Land & Buildings Investment Management LLC bought a new stake in Simon Property Group, Inc. (NYSE:SPG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 82,012 shares of the real estate investment trust’s stock, valued at approximately $12,449,000. Simon Property Group accounts for about 2.9% of Land & Buildings Investment Management LLC’s portfolio, making the stock its 17th biggest position.

Several other institutional investors have also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in Simon Property Group in the 1st quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Simon Property Group in the second quarter worth approximately $25,000. EntryPoint Capital LLC purchased a new stake in shares of Simon Property Group in the first quarter worth approximately $26,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Simon Property Group during the 2nd quarter worth approximately $27,000. Finally, Cape Investment Advisory Inc. boosted its holdings in Simon Property Group by 3,200.0% during the 4th 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. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPG. Scotiabank lifted their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Argus boosted their price target on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Finally, Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price target for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Simon Property Group has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Trading Up 1.0 %

NYSE SPG opened at $168.17 on Tuesday. The company has a 50 day moving average price of $159.56 and a 200 day moving average price of $152.27. The firm has a market cap of $54.81 billion, a PE ratio of 21.42, a price-to-earnings-growth ratio of 9.04 and a beta of 1.74. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $169.18.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.88 earnings per share. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm 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 dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This is an increase 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 4.88%. Simon Property Group’s dividend payout ratio is presently 104.46%.

Insider Activity

In related news, Director Reuben S. Leibowitz acquired 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were purchased at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The acquisition was disclosed in a filing with the SEC, which can be accessed through 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.