Mission Wealth Management LP Has $377,000 Stake in Simon Property Group, Inc. (NYSE:SPG)

Mission Wealth Management LP lifted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 34.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,407 shares of the real estate investment trust’s stock after purchasing an additional 618 shares during the quarter. Mission Wealth Management LP’s holdings in Simon Property Group were worth $377,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SPG. Norges Bank bought a new position in Simon Property Group in the 4th quarter valued at $2,561,181,000. International Assets Investment Management LLC lifted its holdings in Simon Property Group by 13,226.4% during the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after purchasing an additional 913,678 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in Simon Property Group by 11,722.9% during the 4th quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after purchasing an additional 667,034 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in Simon Property Group by 160.1% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock worth $108,887,000 after purchasing an additional 469,855 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Simon Property Group by 65.3% during the 3rd quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust’s stock worth $92,278,000 after purchasing an additional 337,430 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Price Performance

Shares of SPG traded down $2.17 during trading hours on Friday, reaching $146.09. 962,839 shares of the company’s stock traded hands, compared to its average volume of 1,552,001. The stock has a market cap of $47.62 billion, a PE ratio of 18.61, a price-to-earnings-growth ratio of 8.81 and a beta of 1.75. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The firm’s 50 day simple moving average is $148.08 and its 200-day simple moving average is $146.83. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $157.82.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.74 EPS. Equities analysts expect that Simon Property Group, Inc. will post 12.84 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $2.00 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date was Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.48%. Simon Property Group’s payout ratio is presently 101.91%.

Analyst Ratings Changes

A number of brokerages recently issued reports on SPG. Scotiabank increased their price objective on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. Argus increased their price objective on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Truist Financial increased their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $149.89.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz bought 486 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.60% of the stock is currently owned by corporate insiders.

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.