Concurrent Investment Advisors LLC Acquires 4,868 Shares of Simon Property Group, Inc. (NYSE:SPG)

Concurrent Investment Advisors LLC raised its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 10.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,080 shares of the real estate investment trust's stock after purchasing an additional 4,868 shares during the period. Concurrent Investment Advisors LLC's holdings in Simon Property Group were worth $8,483,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Simon Property Group during the 4th quarter worth approximately $2,059,505,000. Principal Financial Group Inc. raised its holdings in Simon Property Group by 133.0% during the 1st quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust's stock worth $532,529,000 after buying an additional 1,830,264 shares during the period. Northern Trust Corp raised its holdings in Simon Property Group by 45.9% during 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 buying an additional 1,718,398 shares during the period. Resolution Capital Ltd acquired a new stake in Simon Property Group during the 4th quarter worth approximately $212,592,000. Finally, GAMMA Investing LLC raised its holdings in Simon Property Group by 16,346.0% during the 1st quarter. GAMMA Investing LLC now owns 876,736 shares of the real estate investment trust's stock worth $145,608,000 after buying an additional 871,405 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler dropped their target price on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Mizuho decreased their price target 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. 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 raised their price target on shares of 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. 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 note on Thursday, May 22nd. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $178.50.

Insider Activity at Simon Property Group

In other news, Director Glyn Aeppel bought 234 shares of the company's stock in a transaction dated Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $37,273.86. Following the completion of the acquisition, the director 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Stefan M. Selig purchased 219 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, with a total value of $34,884.51. Following the purchase, the director owned 31,881 shares of the company's stock, valued at $5,078,324.49. This represents a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 2,386 shares of company stock valued at $380,066. 8.66% of the stock is currently owned by insiders.

Simon Property Group Stock Performance

Simon Property Group stock traded up $0.63 during mid-day trading on Friday, hitting $166.47. 925,334 shares of the company's stock traded hands, compared to its average volume of 1,543,658. The firm has a 50 day simple moving average of $160.86 and a two-hundred day simple moving average of $166.38. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.14. The stock has a market cap of $54.34 billion, a price-to-earnings ratio of 26.51, a P/E/G ratio of 9.30 and a beta of 1.43. 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 (NYSE:SPG - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $1.34 billion. During the same quarter last year, the firm posted $3.56 EPS. The company's quarterly revenue was up 2.1% on a year-over-year basis. On average, research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date was Monday, June 9th. Simon Property Group's dividend payout ratio is currently 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.