Sound Income Strategies LLC Boosts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Sound Income Strategies LLC grew its position in Simon Property Group, Inc. (NYSE:SPG) by 5.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,748 shares of the real estate investment trust’s stock after purchasing an additional 5,138 shares during the period. Simon Property Group comprises about 1.1% of Sound Income Strategies LLC’s portfolio, making the stock its 29th largest position. Sound Income Strategies LLC’s holdings in Simon Property Group were worth $17,198,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in Simon Property Group in the 1st quarter valued at about $25,000. EntryPoint Capital LLC bought a new stake in Simon Property Group during the first quarter worth $26,000. Opal Wealth Advisors LLC purchased a new position in Simon Property Group in the second quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group in the 2nd quarter valued at $27,000. Finally, Pathway Financial Advisers LLC purchased a new stake in shares of Simon Property Group during the 1st quarter valued at $29,000. 93.01% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were acquired at an average price of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 8.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SPG shares. Mizuho boosted their price target on shares of 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 target price on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Piper Sandler reissued a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Stock Up 1.8 %

Shares of SPG traded up $2.95 during midday trading on Friday, reaching $170.78. 1,135,442 shares of the stock were exchanged, compared to its average volume of 1,683,032. Simon Property Group, Inc. has a 52 week low of $104.05 and a 52 week high of $171.51. The company’s 50 day moving average is $163.88 and its two-hundred day moving average is $153.91. The company has a market capitalization of $55.68 billion, a P/E ratio of 21.70, a PEG ratio of 9.20 and a beta of 1.74. 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 (NYSE:SPG) last released its 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). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the business earned $2.88 earnings per share. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, sell-side analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were paid a $2.05 dividend. The ex-dividend date of this dividend was Monday, September 9th. This is an increase 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 4.80%. Simon Property Group’s dividend payout ratio (DPR) is 104.19%.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.