SlateStone Wealth LLC Purchases 223 Shares of Simon Property Group, Inc. (NYSE:SPG)

SlateStone Wealth LLC boosted its position in Simon Property Group, Inc. (NYSE:SPG) by 16.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,593 shares of the real estate investment trust’s stock after buying an additional 223 shares during the period. SlateStone Wealth LLC’s holdings in Simon Property Group were worth $274,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPG. Aptus Capital Advisors LLC increased its holdings in Simon Property Group by 3.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock worth $273,000 after purchasing an additional 61 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Simon Property Group by 6.0% during the 3rd quarter. Victory Capital Management Inc. now owns 227,776 shares of the real estate investment trust’s stock worth $38,499,000 after purchasing an additional 12,854 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in Simon Property Group by 3.0% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,509 shares of the real estate investment trust’s stock worth $1,100,000 after purchasing an additional 190 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Simon Property Group by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 45,308 shares of the real estate investment trust’s stock worth $7,658,000 after purchasing an additional 1,506 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in Simon Property Group by 17.2% during the 3rd quarter. Empowered Funds LLC now owns 43,810 shares of the real estate investment trust’s stock worth $7,405,000 after purchasing an additional 6,437 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPG has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Simon Property Group in a report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective for the company. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Mizuho boosted their target price on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Scotiabank set a $186.00 target price on Simon Property Group in a research note on Friday, February 28th. Finally, Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and boosted their target price for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $180.33.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz bought 465 shares of the company’s stock in a transaction on Monday, December 30th. The shares were purchased at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the transaction, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. The trade was a 0.84 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

Simon Property Group stock opened at $161.13 on Monday. Simon Property Group, Inc. has a 12 month low of $139.25 and a 12 month high of $190.14. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The business’s 50 day simple moving average is $177.03 and its 200 day simple moving average is $174.48. The company has a market cap of $52.57 billion, a price-to-earnings ratio of 22.19, a PEG ratio of 10.10 and a beta of 1.78.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 5.21%. Simon Property Group’s payout ratio is 115.70%.

Simon Property Group Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.