Signet Financial Management LLC Invests $1.57 Million in Simon Property Group, Inc. (NYSE:SPG)

Signet Financial Management LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,984 shares of the real estate investment trust’s stock, valued at approximately $1,567,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SPG. Cowa LLC purchased a new stake in shares of Simon Property Group during the first quarter worth about $107,000. Norges Bank purchased a new stake in shares of Simon Property Group during the fourth quarter worth about $807,887,000. International Assets Investment Management LLC grew its holdings in shares of Simon Property Group by 13,226.4% during the fourth quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after buying an additional 913,678 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Simon Property Group by 10.4% during the first quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock worth $910,337,000 after buying an additional 765,146 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Simon Property Group by 527.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 804,952 shares of the real estate investment trust’s stock worth $105,899,000 after buying an additional 676,627 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Trading Down 1.4 %

NYSE SPG opened at $140.35 on Wednesday. The company’s fifty day simple moving average is $149.61 and its 200-day simple moving average is $135.15. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock has a market cap of $45.74 billion, a P/E ratio of 20.11, a PEG ratio of 7.47 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the firm posted $3.15 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Equities research analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.56%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is 111.75%.

Simon Property Group announced that its Board of Directors has initiated a share repurchase program on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

SPG has been the topic of several research analyst reports. Truist Financial raised their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Morgan Stanley lifted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Tuesday, April 9th. Evercore ISI lifted their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Finally, Piper Sandler lifted their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research report on Wednesday, December 20th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Company Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.