Sowell Financial Services LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Sowell Financial Services LLC purchased a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 9,286 shares of the real estate investment trust's stock, valued at approximately $1,542,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Janney Montgomery Scott LLC grew its holdings in Simon Property Group by 1.9% in the first quarter. Janney Montgomery Scott LLC now owns 70,286 shares of the real estate investment trust's stock valued at $11,673,000 after purchasing an additional 1,296 shares during the period. Optas LLC grew its stake in shares of Simon Property Group by 6.0% during the 1st quarter. Optas LLC now owns 1,812 shares of the real estate investment trust's stock valued at $301,000 after buying an additional 102 shares during the period. Brighton Jones LLC grew its stake in shares of Simon Property Group by 6.0% during the 1st quarter. Brighton Jones LLC now owns 1,815 shares of the real estate investment trust's stock valued at $301,000 after buying an additional 102 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of Simon Property Group by 27.1% during the 1st quarter. Exchange Traded Concepts LLC now owns 69,465 shares of the real estate investment trust's stock valued at $11,537,000 after buying an additional 14,829 shares during the period. Finally, Sound Income Strategies LLC grew its position in Simon Property Group by 5.6% during the first quarter. Sound Income Strategies LLC now owns 111,616 shares of the real estate investment trust's stock valued at $18,537,000 after acquiring an additional 5,907 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Up 0.1%

NYSE:SPG traded up $0.24 on Friday, reaching $157.34. The stock had a trading volume of 2,806,493 shares, compared to its average volume of 1,547,210. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29. The company has a 50-day moving average of $158.69 and a 200 day moving average of $167.57. The stock has a market cap of $51.36 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 8.77 and a beta of 1.47. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.14.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, beating analysts' consensus estimates of $2.91 by $0.04. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. Simon Property Group's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.56 earnings per share. On average, research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.34%. Simon Property Group's dividend payout ratio (DPR) is 133.76%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Piper Sandler lowered their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Scotiabank boosted their target price on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a report on Tuesday. Wall Street Zen cut Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Mizuho decreased their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Simon Property Group presently has a consensus rating of "Hold" and an average price target of $179.44.

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.