LPL Financial LLC Has $57.99 Million Holdings in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• LPL Financial LLC reduced its holdings in Simon Property Group by 2.6%, now owning approximately $58 million worth of shares in the real estate investment trust.
• Various institutional investors, including Park Square Financial Group and Richardson Financial Services, significantly increased their stakes in Simon Property Group, indicating robust institutional interest.
• Simon Property Group announced a $2.10 quarterly dividend with a yield of 5.1%, while its latest earnings report exceeded analyst expectations with a net revenue of $1.47 billion.

LPL Financial LLC lessened its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 349,158 shares of the real estate investment trust's stock after selling 9,256 shares during the period. LPL Financial LLC owned about 0.11% of Simon Property Group worth $57,988,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Park Square Financial Group LLC increased its position 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 worth $26,000 after purchasing an additional 81 shares in the last quarter. Richardson Financial Services Inc. grew its stake in shares of Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after buying an additional 111 shares during the last quarter. Continuum Advisory LLC increased its holdings in shares of 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 worth $32,000 after buying an additional 156 shares in the last quarter. Colonial Trust Co SC lifted its stake 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 valued at $36,000 after acquiring an additional 57 shares during the last quarter. Finally, AdvisorNet Financial Inc boosted its holdings in shares of Simon Property Group by 77.2% during the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 95 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz bought 522 shares of the company's 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 approximately $9,269,881.55. The trade was a 0.91% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary M. Rodkin bought 246 shares of the business's 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 $39,185.34. Following the completion of the purchase, the director owned 19,010 shares of the company's stock, valued at $3,028,102.90. This represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 2,386 shares of company stock valued at $380,066 in the last 90 days. Company insiders own 8.66% of the company's stock.

Wall Street Analysts Forecast Growth

SPG has been the subject of a number of recent research reports. Stifel Nicolaus upped their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. lowered their price objective on 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. Piper Sandler dropped their price objective on shares of 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 reduced their target price on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. Finally, Barclays assumed coverage on shares of Simon Property Group in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group presently has a consensus rating of "Hold" and an average target price of $182.73.

Simon Property Group Trading Down 1.0%

NYSE:SPG opened at $163.82 on Friday. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45. The firm's fifty day moving average is $161.81 and its 200-day moving average is $165.26. The firm has a market cap of $53.47 billion, a P/E ratio of 26.09, a P/E/G ratio of 11.17 and a beta of 1.43.

Simon Property Group (NYSE:SPG - Get Free Report) last issued 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 net margin of 35.98% and a return on equity of 67.32%. The business had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter in the prior year, the firm posted $3.56 earnings per share. The business's quarterly revenue was up 2.1% compared to the same quarter last year. Equities analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date was Monday, June 9th. Simon Property Group's payout ratio is presently 133.76%.

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.

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