IAG Wealth Partners LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

IAG Wealth Partners LLC purchased a new position in Simon Property Group, Inc. (NYSE:SPG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 315 shares of the real estate investment trust’s stock, valued at approximately $48,000.

Several other large investors also recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. grew its stake in shares of Simon Property Group by 8.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 26,948 shares of the real estate investment trust’s stock valued at $4,091,000 after purchasing an additional 2,016 shares during the period. PGGM Investments grew its position in Simon Property Group by 1.9% during the second quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock valued at $187,947,000 after buying an additional 23,186 shares during the period. ORG Partners LLC purchased a new stake in Simon Property Group during the second quarter valued at approximately $436,000. Wealth Enhancement Advisory Services LLC raised its position in Simon Property Group by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after acquiring an additional 3,626 shares during the period. Finally, Wedmont Private Capital boosted its stake in shares of Simon Property Group by 5.4% during the 2nd quarter. Wedmont Private Capital now owns 6,150 shares of the real estate investment trust’s stock worth $919,000 after acquiring an additional 315 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on SPG shares. Evercore ISI upped their price objective on Simon Property Group from $150.00 to $155.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. Argus boosted their price objective on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Stifel Nicolaus increased their target price on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Scotiabank upped their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Finally, StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $153.50.

Simon Property Group Trading Up 0.7 %

NYSE SPG traded up $1.15 during trading hours on Thursday, hitting $157.97. 898,254 shares of the company were exchanged, compared to its average volume of 1,465,049. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $161.30. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock has a 50-day moving average price of $151.05 and a 200 day moving average price of $148.74. The stock has a market cap of $51.49 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 8.69 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last announced 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). The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.88 EPS. Analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.19%. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the purchase, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 8.50% of the stock is owned by company insiders.

About Simon Property Group

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.