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 large investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Simon Property Group in the fourth quarter valued at approximately $2,059,505,000. Geode Capital Management LLC increased its holdings in Simon Property Group by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust's stock worth $1,577,600,000 after acquiring an additional 230,982 shares in the last quarter. Northern Trust Corp increased its holdings in Simon Property Group by 45.9% in the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock worth $940,758,000 after acquiring an additional 1,718,398 shares in the last quarter. JPMorgan Chase & Co. raised its position in Simon Property Group by 5.5% during the fourth quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust's stock worth $811,202,000 after acquiring an additional 246,630 shares during the period. Finally, Invesco Ltd. lifted its holdings in Simon Property Group by 14.8% during the fourth quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock valued at $726,136,000 after purchasing an additional 542,511 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SPG shares. Piper Sandler cut their target price on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Scotiabank lifted their price objective 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. Stifel Nicolaus lifted their price target on Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. reduced their price objective on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $179.44.

Simon Property Group Trading Down 0.1%

Simon Property Group stock traded down $0.16 during trading on Wednesday, reaching $156.97. 1,476,013 shares of the company were exchanged, compared to its average volume of 1,544,571. The stock's 50 day simple moving average is $158.24 and its two-hundred day simple moving average is $168.08. The company has a market capitalization of $51.24 billion, a P/E ratio of 25.00, a PEG ratio of 8.79 and a beta of 1.47. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.14.

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

Simon Property Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a $2.10 dividend. The ex-dividend date is Monday, June 9th. This represents a $8.40 annualized dividend and a yield of 5.35%. Simon Property Group's payout ratio is 133.76%.

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.