Naviter Wealth LLC Buys 699 Shares of Simon Property Group, Inc. (NYSE:SPG)

Naviter Wealth LLC boosted its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 23,740 shares of the real estate investment trust’s stock after buying an additional 699 shares during the quarter. Naviter Wealth LLC’s holdings in Simon Property Group were worth $3,604,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Clearstead Trust LLC acquired a new position in shares of Simon Property Group in the first quarter worth approximately $25,000. EntryPoint Capital LLC acquired a new position in shares of Simon Property Group in the 1st quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Simon Property Group in the 2nd quarter valued at $25,000. Pathway Financial Advisers LLC bought a new stake in shares of Simon Property Group in the 1st quarter valued at $29,000. Finally, RFP Financial Group LLC increased its position in shares of 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 buying an additional 160 shares during the period. Institutional investors own 93.01% of the company’s stock.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz bought 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were bought at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the acquisition, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Stock Down 1.3 %

Shares of SPG traded down $2.16 during trading hours on Tuesday, reaching $165.19. The stock had a trading volume of 528,638 shares, compared to its average volume of 1,446,264. The firm has a 50-day simple moving average of $154.66 and a 200 day simple moving average of $150.74. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $169.18. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The company has a market capitalization of $53.86 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 9.17 and a beta of 1.74.

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 for the quarter, missing the consensus estimate of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.88 EPS. Equities research analysts predict 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 declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.96%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is 101.91%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SPG shares. Evercore ISI boosted their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Scotiabank upped their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Mizuho lifted their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Truist Financial increased their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $161.28.

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.