Magnolia Capital Advisors LLC Buys Shares of 1,489 Simon Property Group, Inc. (NYSE:SPG)

Magnolia Capital Advisors LLC purchased a new stake in shares of Simon Property Group, Inc. (NYSE:SPG) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,489 shares of the real estate investment trust’s stock, valued at approximately $226,000.

Other large investors have also recently modified their holdings of the company. Lighthouse Investment Partners LLC bought a new stake in Simon Property Group in the fourth quarter valued at approximately $5,706,000. Wealth Enhancement Advisory Services LLC grew its stake in Simon Property Group by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after purchasing an additional 3,626 shares during the period. Napa Wealth Management purchased a new stake in Simon Property Group in the fourth quarter worth $3,151,000. Aspiriant LLC purchased a new stake in Simon Property Group in the first quarter worth $1,139,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in Simon Property Group by 333.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 24,531 shares of the real estate investment trust’s stock worth $3,839,000 after purchasing an additional 18,872 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 0.8 %

SPG stock opened at $169.02 on Tuesday. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $170.87. The business’s 50-day moving average is $160.99 and its two-hundred day moving average is $152.90. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market cap of $55.11 billion, a price-to-earnings ratio of 21.53, a P/E/G ratio of 9.32 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.88 EPS. As a group, analysts forecast 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 declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were given a $2.05 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.85%. Simon Property Group’s dividend payout ratio is presently 104.46%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note 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. Mizuho increased their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Finally, Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.