Duff & Phelps Investment Management Co. Purchases 229,122 Shares of Simon Property Group, Inc. (NYSE:SPG)

Duff & Phelps Investment Management Co. increased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 27.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,068,268 shares of the real estate investment trust’s stock after purchasing an additional 229,122 shares during the quarter. Simon Property Group makes up approximately 2.1% of Duff & Phelps Investment Management Co.’s holdings, making the stock its 9th biggest holding. Duff & Phelps Investment Management Co. owned approximately 0.33% of Simon Property Group worth $162,163,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Clearstead Trust LLC acquired a new stake in shares of Simon Property Group during the first quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group during the 2nd quarter worth approximately $25,000. EntryPoint Capital LLC acquired a new stake in Simon Property Group during the 1st quarter valued at $26,000. Wetzel Investment Advisors Inc. acquired a new stake in Simon Property Group during the 2nd quarter valued at $27,000. Finally, RFP Financial Group LLC raised its position in Simon Property Group by 727.3% in the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 160 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Performance

Simon Property Group stock opened at $167.71 on Friday. Simon Property Group, Inc. has a 1 year low of $102.11 and a 1 year high of $170.87. The company’s 50-day moving average is $160.77 and its two-hundred day moving average is $152.76. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The company has a market cap of $54.68 billion, a PE ratio of 21.36, a PEG ratio of 9.32 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data 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 net margin of 45.90% and a return on equity of 78.14%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the company earned $2.88 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. Equities analysts anticipate that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $2.05 per share. The ex-dividend date of this dividend is Monday, September 9th. 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 4.89%. Simon Property Group’s payout ratio is 104.46%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Piper Sandler reissued a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Scotiabank boosted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Finally, Truist Financial raised their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $162.78.

About Simon Property Group

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.