Simon Property Group, Inc. (NYSE:SPG) Shares Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC boosted its holdings in Simon Property Group, Inc. (NYSE:SPG) by 15.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,404 shares of the real estate investment trust’s stock after acquiring an additional 1,522 shares during the period. Convergence Investment Partners LLC’s holdings in Simon Property Group were worth $1,731,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SPG. Clearstead Trust LLC acquired a new position in Simon Property Group during the first quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in Simon Property Group during the second quarter worth $25,000. EntryPoint Capital LLC acquired a new position in Simon Property Group during the first quarter worth $26,000. Cape Investment Advisory Inc. lifted its stake in Simon Property Group by 3,200.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 192 shares in the last quarter. Finally, RFP Financial Group LLC lifted its stake in Simon Property Group by 727.3% during the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 160 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 486 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was bought at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the purchase, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SPG. Truist Financial upped their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Mizuho upped their price objective on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Stifel Nicolaus upped their price objective on Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Evercore ISI upped their price objective on Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Simon Property Group presently has a consensus rating of “Moderate Buy” and an average price target of $160.94.

Simon Property Group Stock Up 1.1 %

NYSE:SPG traded up $1.85 during trading hours on Monday, hitting $167.35. The company’s stock had a trading volume of 1,747,200 shares, compared to its average volume of 1,451,726. The stock has a market capitalization of $54.56 billion, a P/E ratio of 21.32, a price-to-earnings-growth ratio of 9.17 and a beta of 1.75. The stock has a fifty day moving average of $154.32 and a 200-day moving average of $150.60. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $169.18.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the company earned $2.88 EPS. The business’s revenue was up 4.8% on a year-over-year basis. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $2.05 dividend. This represents a $8.20 annualized dividend and a yield of 4.90%. The ex-dividend date is Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is currently 101.91%.

Simon Property Group 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.