KLCM Advisors Inc. Takes $448,000 Position in Simon Property Group, Inc. (NYSE:SPG)

KLCM Advisors Inc. acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,144 shares of the real estate investment trust’s stock, valued at approximately $448,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in 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. Cowa LLC purchased a new position in Simon Property Group during the first quarter worth approximately $107,000. Norges Bank purchased a new position in Simon Property Group during the fourth quarter worth approximately $807,887,000. Morgan Stanley increased its stake in Simon Property Group by 6.9% during the fourth quarter. Morgan Stanley now owns 6,500,305 shares of the real estate investment trust’s stock worth $763,656,000 after acquiring an additional 421,554 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Simon Property Group by 1.9% during the third quarter. Northern Trust Corp now owns 4,745,198 shares of the real estate investment trust’s stock worth $512,624,000 after acquiring an additional 86,778 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

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

Simon Property Group Trading Down 1.4 %

Shares of NYSE SPG traded down $2.04 during trading on Wednesday, reaching $140.35. The stock had a trading volume of 1,301,665 shares, compared to its average volume of 1,259,808. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. The business’s 50-day moving average price is $149.61 and its 200-day moving average price is $135.15. The company 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 released its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate 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 company 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 earned $3.15 earnings per share. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group declared that its board has approved a stock buyback program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Simon Property Group Increases Dividend

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

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.