Clearwater Capital Advisors LLC Purchases Shares of 1,800 Simon Property Group, Inc. (NYSE:SPG)

Clearwater Capital Advisors LLC acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,800 shares of the real estate investment trust’s stock, valued at approximately $257,000.

A number of other hedge funds also recently made changes to their positions in the stock. DT Investment Partners LLC lifted its stake in Simon Property Group by 714.3% in the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 200 shares during the period. BOK Financial Private Wealth Inc. acquired a new position in shares of Simon Property Group during the 4th quarter valued at $34,000. Selway Asset Management bought a new position in Simon Property Group during the third quarter worth $26,000. Bruce G. Allen Investments LLC acquired a new stake in Simon Property Group in the fourth quarter worth $41,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in Simon Property Group in the third quarter valued at $33,000. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Stock Up 0.9 %

NYSE:SPG traded up $1.32 on Thursday, hitting $149.20. The stock had a trading volume of 541,206 shares, compared to its average volume of 1,482,909. The stock has a market cap of $48.62 billion, a P/E ratio of 18.85, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68. 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’s fifty day simple moving average is $148.08 and its two-hundred day simple moving average is $138.97. Simon Property Group, Inc. has a 1 year low of $100.17 and a 1 year high of $157.82.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the firm earned $2.74 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts predict that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $2.00 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend is Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.36%. Simon Property Group’s dividend payout ratio is presently 101.91%.

Simon Property Group announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently commented on SPG. Truist Financial boosted their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Finally, Evercore ISI boosted 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 note on Wednesday, February 28th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group currently has an average rating of “Moderate Buy” and an average target price 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.