Merit Financial Group LLC Increases Stake in Simon Property Group, Inc. (NYSE:SPG)

Merit Financial Group LLC lifted its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 84.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,465 shares of the real estate investment trust's stock after acquiring an additional 2,049 shares during the period. Merit Financial Group LLC's holdings in Simon Property Group were worth $742,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of SPG. Hopwood Financial Services Inc. bought a new position in Simon Property Group during the fourth quarter valued at approximately $28,000. WR Wealth Planners LLC increased its stake in Simon Property Group by 328.2% in the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust's stock worth $29,000 after buying an additional 128 shares in the last quarter. New England Capital Financial Advisors LLC bought a new stake in Simon Property Group during the 4th quarter valued at approximately $30,000. Caisse Des Depots ET Consignations purchased a new position in shares of Simon Property Group in the fourth quarter worth $31,000. Finally, TCTC Holdings LLC purchased a new stake in Simon Property Group in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $162.19 on Monday. The company has a market cap of $52.94 billion, a PE ratio of 22.34, a price-to-earnings-growth ratio of 10.10 and a beta of 1.47. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.14. The company's 50 day moving average is $156.92 and its 200 day moving average is $169.14. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19.

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 for the quarter, beating the consensus estimate of $2.91 by $0.04. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same period last year, the business earned $3.56 earnings per share. Simon Property Group's quarterly revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date is Monday, June 9th. Simon Property Group's dividend payout ratio is presently 133.76%.

Wall Street Analyst Weigh In

SPG has been the topic of several recent research reports. Wall Street Zen cut shares of Simon Property Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 29th. Scotiabank decreased their price target on shares of Simon Property Group from $186.00 to $159.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Stifel Nicolaus increased their target price 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. JPMorgan Chase & Co. cut their price target 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. Finally, Piper Sandler cut their price target 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. Six research 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 currently has an average rating of "Hold" and a consensus target price of $179.20.

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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