Greystone Financial Group LLC Acquires 328 Shares of Simon Property Group, Inc. (NYSE:SPG)

Greystone Financial Group LLC boosted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.9% in the second quarter, Holdings Channel reports. The firm owned 38,812 shares of the real estate investment trust’s stock after purchasing an additional 328 shares during the quarter. Greystone Financial Group LLC’s holdings in Simon Property Group were worth $5,892,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Diligent Investors LLC grew its stake in Simon Property Group by 0.5% during the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after buying an additional 68 shares during the last quarter. Augustine Asset Management Inc. increased its stake in shares of Simon Property Group by 3.8% in the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 68 shares in the last quarter. TIAA Trust National Association raised its holdings in shares of Simon Property Group by 3.7% in the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after buying an additional 69 shares during the last quarter. Inspire Advisors LLC lifted its position in Simon Property Group by 1.7% during the 1st quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock worth $646,000 after buying an additional 70 shares in the last quarter. Finally, Capital Advisors Ltd. LLC grew its holdings in Simon Property Group by 26.9% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 73 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Stock Up 0.2 %

NYSE SPG traded up $0.32 on Friday, reaching $164.50. The company had a trading volume of 1,443,684 shares, compared to its average volume of 1,232,583. The company’s fifty day moving average is $155.87 and its 200-day moving average is $151.13. The firm has a market capitalization of $53.63 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 9.05 and a beta of 1.74. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $169.18.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.88 earnings per share. On average, research analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a dividend of $2.05 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.98%. Simon Property Group’s dividend payout ratio is presently 101.91%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of Simon Property Group stock in a transaction dated Friday, June 28th. The stock was bought at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the purchase, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 8.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. 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 research note on Tuesday. Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Scotiabank boosted their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Evercore ISI raised their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $161.28.

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.