AlphaStar Capital Management LLC Acquires New Holdings in Simon Property Group, Inc. (NYSE:SPG)

AlphaStar Capital Management LLC bought a new position in shares of Simon Property Group, Inc. (NYSE:SPGFree Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,468 shares of the real estate investment trust’s stock, valued at approximately $209,000.

Several other large investors have also recently modified their holdings of SPG. LPL Financial LLC raised its position in Simon Property Group by 16.6% during the 3rd quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock worth $38,903,000 after purchasing an additional 51,380 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Simon Property Group by 4.6% during 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 buying an additional 6,703 shares during the period. SG Americas Securities LLC raised its position in shares of Simon Property Group by 121.5% in the 4th quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock worth $4,565,000 after acquiring an additional 17,552 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of Simon Property Group during the 4th quarter valued at about $238,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Simon Property Group by 9.7% during the 4th 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 during the period. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SPG shares. Truist Financial raised their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Evercore ISI raised their price objective on 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. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Morgan Stanley raised 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. 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $140.22.

Read Our Latest Stock Report on Simon Property Group

Simon Property Group Price Performance

SPG traded down $0.95 during trading on Monday, reaching $146.77. 646,611 shares of the company were exchanged, compared to its average volume of 1,480,698. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a market cap of $47.83 billion, a price-to-earnings ratio of 18.82, a P/E/G ratio of 7.65 and a beta of 1.68. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82. The company’s 50-day moving average is $148.00 and its two-hundred day moving average is $139.64.

Simon Property Group (NYSE:SPGGet Free Report) last posted its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.74 earnings per share. Research analysts forecast that Simon Property Group, Inc. will post 12.87 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, June 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.45%. Simon Property Group’s payout ratio is 99.36%.

Simon Property Group declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Simon Property Group Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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