Naviter Wealth LLC Has $3.58 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

Naviter Wealth LLC grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 19.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,115 shares of the real estate investment trust’s stock after purchasing an additional 4,064 shares during the period. Naviter Wealth LLC’s holdings in Simon Property Group were worth $3,582,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in SPG. LPL Financial LLC grew its position in Simon Property Group by 16.6% during the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock worth $38,903,000 after buying an additional 51,380 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Simon Property Group by 4.6% in the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock worth $21,923,000 after purchasing an additional 6,703 shares during the period. SG Americas Securities LLC raised its stake in Simon Property Group by 121.5% in the fourth quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after purchasing an additional 17,552 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in Simon Property Group during the fourth quarter worth about $238,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Simon Property Group by 9.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock worth $11,670,000 after buying an additional 7,250 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Trading Up 1.3 %

Shares of SPG stock traded up $1.78 on Monday, hitting $144.14. The company had a trading volume of 350,113 shares, compared to its average volume of 1,464,643. The stock’s 50-day moving average is $149.04 and its two-hundred day moving average is $137.23. 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 firm has a market cap of $46.98 billion, a P/E ratio of 20.62, a P/E/G ratio of 7.47 and a beta of 1.65. Simon Property Group, Inc. has a twelve month low of $100.17 and a twelve month high of $157.82.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data 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 net margin of 42.30% and a return on equity of 70.97%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the company posted $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 anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group announced that its board has approved 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 purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a $1.95 dividend. The ex-dividend date was Thursday, March 7th. This represents a $7.80 annualized dividend and a dividend yield of 5.41%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is currently 111.75%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Morgan Stanley raised their target price on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Truist Financial raised their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

About Simon Property Group

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.