Golden State Wealth Management LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Golden State Wealth Management LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 263 shares of the real estate investment trust’s stock, valued at approximately $45,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new stake in Simon Property Group during the 3rd quarter worth approximately $30,000. Synergy Asset Management LLC purchased a new stake in shares of Simon Property Group during the fourth quarter worth $41,000. Eastern Bank acquired a new stake in shares of Simon Property Group in the third quarter valued at $42,000. Ashton Thomas Securities LLC purchased a new position in Simon Property Group in the third quarter valued at $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in Simon Property Group by 107.5% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 413 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 214 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

Shares of SPG opened at $184.37 on Wednesday. The firm has a fifty day moving average price of $175.48 and a 200 day moving average price of $170.80. The stock has a market cap of $60.16 billion, a PE ratio of 25.40, a price-to-earnings-growth ratio of 9.58 and a beta of 1.74. Simon Property Group, Inc. has a 1-year low of $139.25 and a 1-year high of $186.00. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a dividend of $2.10 per share. The ex-dividend date is Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.56%. Simon Property Group’s dividend payout ratio (DPR) is presently 115.70%.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 465 shares of the stock in a transaction on Monday, December 30th. The shares were bought at an average cost of $168.59 per share, with a total value of $78,394.35. Following the transaction, the director now owns 55,919 shares of the company’s stock, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 8.50% of the company’s stock.

Analyst Upgrades and Downgrades

SPG has been the subject of several recent research reports. Mizuho lifted their price objective on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Jefferies Financial Group upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and lifted their price target for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $175.10.

Simon Property Group 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.