Lodestone Wealth Management LLC Sells 3,547 Shares of Simon Property Group, Inc. (NYSE:SPG)

Lodestone Wealth Management LLC decreased its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 18.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,788 shares of the real estate investment trust's stock after selling 3,547 shares during the quarter. Simon Property Group accounts for approximately 1.4% of Lodestone Wealth Management LLC's portfolio, making the stock its 20th largest position. Lodestone Wealth Management LLC's holdings in Simon Property Group were worth $2,622,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Hopwood Financial Services Inc. purchased a new position in Simon Property Group during the 4th quarter worth approximately $28,000. Caisse Des Depots ET Consignations acquired a new stake in shares of Simon Property Group in the fourth quarter valued at about $31,000. Continuum Advisory LLC grew its holdings 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. TCTC Holdings LLC purchased a new position in shares of Simon Property Group in the fourth quarter valued at $34,000. Finally, Colonial Trust Co SC raised 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 acquiring an additional 57 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Insider Activity

In related news, Director Larry C. Glasscock acquired 396 shares of the company's stock in a transaction on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, with a total value of $63,078.84. Following the acquisition, the director directly owned 43,185 shares of the company's stock, valued at approximately $6,878,938.65. The trade was a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glyn Aeppel purchased 234 shares of the business's stock in a transaction dated Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the completion of the purchase, the director directly owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. This represents a 1.24% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 2,386 shares of company stock worth $380,066. Corporate insiders own 8.66% of the company's stock.

Simon Property Group Price Performance

Shares of NYSE SPG traded up $0.63 during trading on Thursday, reaching $166.47. The company had a trading volume of 925,334 shares, compared to its average volume of 1,541,335. The business's 50 day moving average price is $160.46 and its 200-day moving average price is $166.61. The stock has a market cap of $54.34 billion, a PE ratio of 13.41, a PEG ratio of 9.25 and a beta of 1.43. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.14. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current 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 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same period in the prior year, the business posted $3.56 EPS. Simon Property Group's revenue was up 2.1% on a year-over-year basis. Analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The company also recently disclosed 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 presently 133.76%.

Wall Street Analyst Weigh In

Several research firms recently commented on SPG. 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 research note on Friday, May 23rd. JPMorgan Chase & Co. cut their price objective on shares of 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 shares of Simon Property Group in a research note on Wednesday. They issued an "equal weight" rating and a $170.00 price target for the company. Stifel Nicolaus upped their price target on Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen cut shares of Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $178.50.

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.