6,909 Shares in Simon Property Group, Inc. (NYSE:SPG) Purchased by Highland Capital Management LLC

Highland Capital Management LLC bought a new stake in shares of Simon Property Group, Inc. (NYSE:SPG) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 6,909 shares of the real estate investment trust’s stock, valued at approximately $1,190,000.

Several other hedge funds also recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new position in Simon Property Group in the third quarter valued at approximately $30,000. Trivant Custom Portfolio Group LLC bought a new stake in shares of Simon Property Group during the 3rd quarter valued at $42,000. Eastern Bank bought a new position in shares of Simon Property Group in the 3rd quarter worth $42,000. Ashton Thomas Securities LLC acquired a new stake in shares of Simon Property Group during the third quarter worth $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Simon Property Group by 107.5% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 413 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 214 shares during the period. Institutional investors own 93.01% of the company’s stock.

Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 465 shares of the business’s stock in a transaction on Monday, December 30th. The shares were purchased at an average cost of $168.59 per share, with a total value of $78,394.35. Following the transaction, the director now directly owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Mizuho raised their target price on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and upped their target price for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Simon Property Group in a report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $172.10.

Simon Property Group Stock Performance

SPG opened at $175.69 on Friday. The company has a market capitalization of $57.32 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 9.30 and a beta of 1.75. The business’s 50-day moving average price is $176.35 and its two-hundred day moving average price is $169.34. Simon Property Group, Inc. has a 1 year low of $135.15 and a 1 year high of $186.00. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last announced its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the business posted $3.20 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts expect that Simon Property Group, Inc. will post 12.72 EPS for the current fiscal year.

About Simon Property Group

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.