Creative Planning Increases Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Creative Planning boosted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 75,982 shares of the real estate investment trust’s stock after buying an additional 1,854 shares during the quarter. Creative Planning’s holdings in Simon Property Group were worth $11,534,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPG. Vanguard Group Inc. grew its position in shares of Simon Property Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after acquiring an additional 672,941 shares during the period. Strategic Financial Concepts LLC increased its position in shares of Simon Property Group by 16,795.2% in the second quarter. Strategic Financial Concepts LLC now owns 424,070 shares of the real estate investment trust’s stock valued at $64,374,000 after buying an additional 421,560 shares in the last quarter. Castle Hook Partners LP raised its stake in shares of Simon Property Group by 182.0% during the 1st quarter. Castle Hook Partners LP now owns 480,692 shares of the real estate investment trust’s stock worth $75,223,000 after buying an additional 310,207 shares during the period. Los Angeles Capital Management LLC lifted its position in shares of Simon Property Group by 5,778.7% during the 2nd quarter. Los Angeles Capital Management LLC now owns 265,954 shares of the real estate investment trust’s stock valued at $40,372,000 after buying an additional 261,430 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in Simon Property Group by 121.6% in the 1st quarter. National Bank of Canada FI now owns 458,706 shares of the real estate investment trust’s stock valued at $67,758,000 after acquiring an additional 251,679 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SPG. Truist Financial increased their price objective 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. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Mizuho increased their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Argus lifted their price target on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Stock Performance

Shares of Simon Property Group stock opened at $169.63 on Wednesday. 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 business’s 50 day moving average price is $161.25 and its 200 day moving average price is $153.04. The company has a market cap of $55.31 billion, a price-to-earnings ratio of 21.61, a PEG ratio of 9.19 and a beta of 1.74. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $170.87.

Simon Property Group (NYSE:SPG) last announced 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 net margin of 45.90% and a return on equity of 78.14%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the firm posted $2.88 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. On average, research analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The company 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. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.83%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is currently 104.46%.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

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.