Accuvest Global Advisors Takes Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Accuvest Global Advisors invested approximately $498,000 in Simon Property Group, acquiring 2,998 shares, as reported in their recent SEC filing.
• Simon Property Group recently declared a quarterly dividend of $2.15, an increase from the previous $2.10, representing an annualized yield of 5.1%.
• Analysts have recently adjusted their price targets for Simon Property Group, with ratings ranging from "buy" to "hold", and a consensus target price of $182.64.

Accuvest Global Advisors purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,998 shares of the real estate investment trust's stock, valued at approximately $498,000.

Other large investors also recently made changes to their positions in the company. Park Square Financial Group LLC boosted its stake in Simon Property Group by 108.0% during the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 81 shares during the period. Richardson Financial Services Inc. boosted its stake in Simon Property Group by 185.0% during the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock valued at $28,000 after purchasing an additional 111 shares during the period. Continuum Advisory LLC lifted its position in shares of Simon Property Group by 421.6% in the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 156 shares during the period. Colonial Trust Co SC lifted its position in shares of Simon Property Group by 37.5% in the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 57 shares during the period. Finally, AdvisorNet Financial Inc lifted its position in shares of Simon Property Group by 77.2% in the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 95 shares during the period. Institutional investors own 93.01% of the company's stock.

Simon Property Group Stock Down 0.8%

NYSE SPG traded down $1.27 during trading hours on Friday, hitting $165.08. 1,109,102 shares of the company traded hands, compared to its average volume of 1,468,088. The business's 50-day moving average is $162.44 and its 200-day moving average is $164.91. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.45 and a current ratio of 1.23. The stock has a market capitalization of $53.89 billion, a price-to-earnings ratio of 25.51, a P/E/G ratio of 11.13 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, beating the consensus estimate of $3.04 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%. The business's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.90 earnings per share. Sell-side analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued a $2.15 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a yield of 5.2%. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's payout ratio is currently 129.83%.

Insider Transactions at Simon Property Group

In related news, Director Gary M. Rodkin purchased 246 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, with a total value of $39,185.34. Following the completion of the transaction, the director directly owned 19,010 shares of the company's stock, valued at $3,028,102.90. This represents a 1.31% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Glyn Aeppel purchased 234 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the transaction, the director directly owned 19,057 shares of the company's stock, valued at $3,035,589.53. This represents a 1.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 2,386 shares of company stock worth $380,066. 8.66% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SPG shares. Piper Sandler dropped their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Mizuho lowered their target price on 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. LADENBURG THALM/SH SH started coverage on Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 target price for the company. Barclays started coverage on Simon Property Group in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective for the company. Finally, 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 research note on Tuesday, June 17th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Simon Property Group has a consensus rating of "Hold" and a consensus price target of $182.64.

About Simon Property Group

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.