McGinn Penninger Investment Management Inc. Sells 85 Shares of Simon Property Group, Inc. (NYSE:SPG)

McGinn Penninger Investment Management Inc. lowered its position in Simon Property Group, Inc. (NYSE:SPG) by 0.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,744 shares of the real estate investment trust’s stock after selling 85 shares during the period. Simon Property Group makes up approximately 3.2% of McGinn Penninger Investment Management Inc.’s investment portfolio, making the stock its 13th biggest holding. McGinn Penninger Investment Management Inc.’s holdings in Simon Property Group were worth $4,667,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Clearstead Trust LLC bought a new position in Simon Property Group in the first quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Simon Property Group in the second quarter worth $25,000. EntryPoint Capital LLC acquired a new stake in Simon Property Group during the 1st quarter worth about $26,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group during the second quarter valued at approximately $27,000. Finally, RFP Financial Group LLC lifted its stake in shares of 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 period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Simon Property Group stock opened at $169.02 on Tuesday. The firm has a market capitalization of $55.09 billion, a P/E ratio of 21.53, a PEG ratio of 9.32 and a beta of 1.74. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $170.87. 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 stock has a fifty day moving average price of $160.99 and a 200 day moving average price of $152.90.

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

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were issued a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.85%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is 104.46%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SPG shares. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Scotiabank lifted 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. Argus upped their price target on 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, Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus 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.