Simon Property Group, Inc. (NYSE:SPG) Stake Boosted by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC increased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,665 shares of the real estate investment trust’s stock after purchasing an additional 423 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Simon Property Group were worth $3,831,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. lifted its stake in Simon Property Group by 54.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 4,455 shares of the real estate investment trust’s stock valued at $697,000 after buying an additional 1,576 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Simon Property Group by 2.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 284,865 shares of the real estate investment trust’s stock valued at $44,578,000 after buying an additional 7,831 shares during the last quarter. Norden Group LLC bought a new stake in Simon Property Group in the first quarter valued at $6,050,000. Kovack Advisors Inc. lifted its stake in Simon Property Group by 5.2% in the first quarter. Kovack Advisors Inc. now owns 2,070 shares of the real estate investment trust’s stock valued at $324,000 after buying an additional 103 shares during the last quarter. Finally, First Trust Direct Indexing L.P. lifted its stake in Simon Property Group by 12.8% in the first quarter. First Trust Direct Indexing L.P. now owns 10,537 shares of the real estate investment trust’s stock valued at $1,649,000 after buying an additional 1,198 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Truist Financial raised their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Scotiabank raised their price target 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. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Piper Sandler reissued a “neutral” rating and set a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Price Performance

NYSE:SPG opened at $172.18 on Thursday. The business’s 50-day moving average price is $168.39 and its 200 day moving average price is $156.01. The firm has a market cap of $56.12 billion, a P/E ratio of 21.93, a PEG ratio of 9.35 and a beta of 1.74. Simon Property Group, Inc. has a 52-week low of $104.93 and a 52-week high of $177.08. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. 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 EPS. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, sell-side 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 was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a $2.05 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.76%. Simon Property Group’s dividend payout ratio (DPR) is 104.46%.

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.