Avidian Wealth Enterprises LLC Invests $255,000 in Simon Property Group, Inc. (NYSE:SPG)

Avidian Wealth Enterprises LLC purchased a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,536 shares of the real estate investment trust's stock, valued at approximately $255,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hopwood Financial Services Inc. bought a new position in Simon Property Group in the 4th quarter valued at $28,000. Caisse Des Depots ET Consignations purchased a new stake in shares of Simon Property Group in the fourth quarter worth $31,000. Continuum Advisory LLC boosted its stake in Simon Property Group by 421.6% during the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 156 shares during the period. TCTC Holdings LLC purchased a new position in Simon Property Group during the fourth quarter worth about $34,000. Finally, Colonial Trust Co SC grew its position in Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SPG shares. Mizuho cut their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. Wall Street Zen cut shares of Simon Property Group from a "buy" rating to a "hold" rating in a research note on Saturday, March 29th. Stifel Nicolaus increased their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Piper Sandler lowered their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Finally, Barclays started coverage on shares of Simon Property Group in a research report on Wednesday. They issued an "equal weight" rating and a $170.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $178.50.

Simon Property Group Trading Up 0.4%

Shares of NYSE:SPG traded up $0.63 during midday trading on Friday, hitting $166.47. 925,334 shares of the stock traded hands, compared to its average volume of 1,541,335. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29. The stock has a market capitalization of $54.34 billion, a PE ratio of 26.51, a P/E/G ratio of 9.25 and a beta of 1.43. Simon Property Group, Inc. has a one year low of $136.34 and a one year high of $190.14. The business's 50 day moving average is $160.66 and its two-hundred day moving average is $166.50.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.04. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The business had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter last year, the business posted $3.56 EPS. The business's revenue was up 2.1% on a year-over-year basis. As a group, research analysts forecast 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 was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date was Monday, June 9th. Simon Property Group's payout ratio is currently 133.76%.

Insiders Place Their Bets

In related news, Director Larry C. Glasscock bought 396 shares of the business's stock in a transaction dated Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $63,078.84. Following the purchase, the director owned 43,185 shares of the company's stock, valued at approximately $6,878,938.65. This trade represents a 0.93% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Reuben S. Leibowitz purchased 522 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the transaction, the director directly owned 58,195 shares of the company's stock, valued at $9,269,881.55. This trade represents a 0.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 2,386 shares of company stock worth $380,066. Company insiders own 8.66% of the company's stock.

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.