Strategic Financial Concepts LLC Acquires 421,560 Shares of Simon Property Group, Inc. (NYSE:SPG)

Strategic Financial Concepts LLC lifted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 16,795.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 424,070 shares of the real estate investment trust’s stock after purchasing an additional 421,560 shares during the quarter. Strategic Financial Concepts LLC owned 0.13% of Simon Property Group worth $64,374,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Greystone Financial Group LLC lifted its position in Simon Property Group by 0.9% in the 2nd quarter. Greystone Financial Group LLC now owns 38,812 shares of the real estate investment trust’s stock valued at $5,892,000 after acquiring an additional 328 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Simon Property Group by 5,778.7% in the second quarter. Los Angeles Capital Management LLC now owns 265,954 shares of the real estate investment trust’s stock valued at $40,372,000 after purchasing an additional 261,430 shares in the last quarter. Weil Company Inc. acquired a new position in shares of Simon Property Group during the second quarter worth about $236,000. Candriam S.C.A. grew its holdings in shares of Simon Property Group by 238.7% during the second quarter. Candriam S.C.A. now owns 70,673 shares of the real estate investment trust’s stock worth $10,728,000 after buying an additional 49,806 shares in the last quarter. Finally, Private Advisor Group LLC raised its position in Simon Property Group by 34.3% in the 2nd quarter. Private Advisor Group LLC now owns 31,862 shares of the real estate investment trust’s stock valued at $4,837,000 after buying an additional 8,132 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Evercore ISI upped their price target 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. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Mizuho lifted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Truist Financial increased their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Scotiabank raised their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group presently has an average rating of “Hold” and a consensus price target of $161.28.

Simon Property Group Trading Up 0.2 %

Simon Property Group stock opened at $164.50 on Friday. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a 50-day simple moving average of $155.87 and a 200 day simple moving average of $151.15. The stock has a market capitalization of $53.63 billion, a P/E ratio of 20.96, a PEG ratio of 9.05 and a beta of 1.74. 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 announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the company posted $2.88 EPS. Analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm 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 $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is presently 101.91%.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of the business’s stock in a transaction on Friday, June 28th. The stock was purchased at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, 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 SEC, which is available through this hyperlink. 8.50% of the stock is currently owned by company 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.