Independent Advisor Alliance Purchases 6,335 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• In the 1st quarter, Independent Advisor Alliance increased its stake in Simon Property Group by 9.1%, purchasing an additional 6,335 shares, bringing its total holdings to 75,789 shares valued at approximately $12.6 million.
• Simon Property Group recently increased its quarterly dividend to $2.15 per share, representing an annual dividend of $8.60 and a yield of 5.2%, which is an increase from its previous dividend.
• Despite earnings beating forecasts, several analysts have lowered their price targets for Simon Property Group, with JPMorgan reducing its target from $192.00 to $180.00.

Independent Advisor Alliance grew its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 9.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,789 shares of the real estate investment trust's stock after buying an additional 6,335 shares during the quarter. Independent Advisor Alliance's holdings in Simon Property Group were worth $12,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of SPG. Nuveen LLC bought a new position in shares of Simon Property Group during the 1st quarter valued at $724,937,000. Principal Financial Group Inc. lifted its holdings in shares of 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 valued at $532,529,000 after buying an additional 1,830,264 shares during the period. Northern Trust Corp lifted its holdings in shares of 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 valued at $940,758,000 after buying an additional 1,718,398 shares during the period. Resolution Capital Ltd bought a new position in Simon Property Group in the 4th quarter worth $212,592,000. Finally, Massachusetts Financial Services Co. MA bought a new position in Simon Property Group in the 1st quarter worth $197,377,000. 93.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on SPG shares. JPMorgan Chase & Co. decreased their target price on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Barclays started coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 target price on the stock. Stifel Nicolaus set a $179.00 target price on Simon Property Group and gave the stock a "buy" rating in a report on Tuesday, August 5th. LADENBURG THALM/SH SH started coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 target price on the stock. Finally, Mizuho decreased their target price on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Simon Property Group presently has a consensus rating of "Hold" and a consensus target price of $182.64.

Insider Activity

In related news, Director Gary M. Rodkin purchased 246 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the transaction, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. The trade was a 1.31% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel C. Smith purchased 378 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $60,211.62. Following the transaction, the director owned 31,998 shares of the company's stock, valued at $5,096,961.42. This represents a 1.20% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 2,386 shares of company stock valued at $380,066. 8.60% of the stock is owned by corporate insiders.

Simon Property Group Trading Down 0.8%

Shares of Simon Property Group stock opened at $165.08 on Monday. The firm has a market cap of $53.89 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 11.03 and a beta of 1.48. The business has a 50-day moving average price of $162.44 and a 200-day moving average price of $164.79. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates 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 quarter last year, the business posted $2.90 earnings per share. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

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

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.

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