2,620 Shares in Simon Property Group, Inc. (NYSE:SPG) Acquired by GAMMA Investing LLC

GAMMA Investing LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 2,620 shares of the real estate investment trust’s stock, valued at approximately $363,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LPL Financial LLC lifted its position in Simon Property Group by 16.6% in the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after purchasing an additional 51,380 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Simon Property Group by 4.6% during the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after buying an additional 6,703 shares during the period. SG Americas Securities LLC increased its stake in shares of Simon Property Group by 121.5% during the fourth quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after buying an additional 17,552 shares during the period. Cornerstone Wealth Management LLC purchased a new position in shares of Simon Property Group during the fourth quarter valued at approximately $238,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Simon Property Group by 9.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock valued at $11,670,000 after buying an additional 7,250 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Down 0.7 %

Shares of NYSE:SPG opened at $142.82 on Thursday. The company has a market cap of $46.55 billion, a P/E ratio of 20.46, a PEG ratio of 7.54 and a beta of 1.65. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. Simon Property Group, Inc. has a 1 year low of $100.17 and a 1 year high of $157.82. The stock’s fifty day moving average price is $149.30 and its 200-day moving average price is $136.51.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.15 earnings per share. Sell-side analysts expect that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group declared that its board has authorized a share repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a dividend of $1.95 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is presently 111.75%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SPG shares. Morgan Stanley upped their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Truist Financial upped their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Evercore ISI boosted their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

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.