Harbor Investment Advisory LLC Decreases Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Harbor Investment Advisory LLC lessened its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 20.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,118 shares of the real estate investment trust’s stock after selling 550 shares during the period. Harbor Investment Advisory LLC’s holdings in Simon Property Group were worth $331,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SPG. Global Assets Advisory LLC bought a new stake in Simon Property Group in the 1st quarter valued at about $4,107,000. Westend Capital Management LLC purchased a new position in shares of Simon Property Group in the first quarter worth about $85,000. Ballentine Partners LLC raised its position in shares of Simon Property Group by 8.1% in the first quarter. Ballentine Partners LLC now owns 4,238 shares of the real estate investment trust’s stock valued at $663,000 after purchasing an additional 316 shares during the period. Radnor Capital Management LLC purchased a new stake in shares of Simon Property Group during the 1st quarter valued at approximately $1,253,000. Finally, Roble Belko & Company Inc bought a new position in Simon Property Group in the 1st quarter worth approximately $469,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SPG shares. Truist Financial lifted their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Evercore ISI upped their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Argus lifted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Finally, Scotiabank increased their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $147.60.

Simon Property Group Trading Up 2.9 %

Shares of NYSE:SPG traded up $4.29 on Monday, reaching $150.45. 1,660,954 shares of the company traded hands, compared to its average volume of 1,479,952. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $157.82. The business’s 50-day simple moving average is $146.77 and its 200 day simple moving average is $146.24. The stock has a market capitalization of $49.04 billion, a P/E ratio of 18.62, a price-to-earnings-growth ratio of 8.70 and a beta of 1.71.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. Simon Property Group’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the business earned $2.74 EPS. As a group, equities analysts anticipate that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $2.00 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 dividend on an annualized basis and a yield of 5.32%. The ex-dividend date of this dividend is Friday, June 7th. Simon Property Group’s payout ratio is presently 101.91%.

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.