Balboa Wealth Partners Acquires 121 Shares of Simon Property Group, Inc. (NYSE:SPG)

Balboa Wealth Partners increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 9.9% during the 4th quarter, HoldingsChannel reports. The fund owned 1,339 shares of the real estate investment trust’s stock after buying an additional 121 shares during the period. Balboa Wealth Partners’ holdings in Simon Property Group were worth $231,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SPG. Erste Asset Management GmbH increased its stake in shares of Simon Property Group by 6.8% during the fourth quarter. Erste Asset Management GmbH now owns 14,100 shares of the real estate investment trust’s stock valued at $2,425,000 after purchasing an additional 900 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in shares of Simon Property Group by 11.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 14,504 shares of the real estate investment trust’s stock worth $2,498,000 after buying an additional 1,486 shares during the last quarter. Truvestments Capital LLC increased its position in Simon Property Group by 1.7% during the 4th quarter. Truvestments Capital LLC now owns 23,354 shares of the real estate investment trust’s stock valued at $4,022,000 after buying an additional 396 shares in the last quarter. Hopwood Financial Services Inc. purchased a new position in Simon Property Group during the fourth quarter valued at $28,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Simon Property Group by 5.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,029 shares of the real estate investment trust’s stock worth $349,000 after acquiring an additional 107 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SPG. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and raised their price target for the company from $179.00 to $198.00 in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft started coverage on shares of Simon Property Group in a research note on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective for the company. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 8th. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price target for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Finally, Scotiabank set a $186.00 price objective on shares of Simon Property Group in a report on Friday, February 28th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $180.33.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz bought 465 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was bought at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the transaction, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.50% of the company’s stock.

Simon Property Group Trading Down 4.0 %

Shares of SPG stock opened at $159.12 on Friday. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. Simon Property Group, Inc. has a 12-month low of $139.25 and a 12-month high of $190.14. The stock has a market capitalization of $51.92 billion, a P/E ratio of 21.92, a P/E/G ratio of 10.10 and a beta of 1.78. The firm’s 50 day moving average is $177.33 and its 200 day moving average is $174.43.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.28%. Simon Property Group’s dividend payout ratio is currently 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.