Legacy Wealth Asset Management LLC Acquires 190 Shares of Simon Property Group, Inc. (NYSE:SPG)

Legacy Wealth Asset Management LLC raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 1.4% in the third quarter, HoldingsChannel.com reports. The firm owned 14,213 shares of the real estate investment trust’s stock after purchasing an additional 190 shares during the quarter. Simon Property Group comprises approximately 0.6% of Legacy Wealth Asset Management LLC’s holdings, making the stock its 27th biggest holding. Legacy Wealth Asset Management LLC’s holdings in Simon Property Group were worth $2,402,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SPG. Clearstead Trust LLC bought a new stake in Simon Property Group in the 1st quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group in the 2nd quarter valued at about $25,000. EntryPoint Capital LLC bought a new stake in Simon Property Group in the 1st quarter valued at about $26,000. Wetzel Investment Advisors Inc. bought a new stake in Simon Property Group in the 2nd quarter valued at about $27,000. Finally, RFP Financial Group LLC boosted its holdings in Simon Property Group by 727.3% in the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 160 shares during the period. Institutional investors own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SPG. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial upped their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Mizuho upped their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $162.78.

Insider Transactions at Simon Property Group

In other news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was bought at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $170.54 on Friday. The company has a market cap of $55.59 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 9.58 and a beta of 1.74. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The firm has a 50 day simple moving average of $167.38 and a 200 day simple moving average of $155.27. Simon Property Group, Inc. has a one year low of $104.05 and a one year high of $177.08.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the company posted $2.88 earnings per share. The company’s revenue was up 4.8% compared to the same quarter last year. Research 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 company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were given a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 4.81%. Simon Property Group’s dividend payout ratio is 104.46%.

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.