Norden Group LLC Acquires 1,529 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Norden Group LLC increased its stake in Simon Property Group by 17.0%, owning a total of 10,533 shares worth approximately $1.749 million after acquiring an additional 1,529 shares in the first quarter.
• Simon Property Group also announced a quarterly dividend of $2.10 per share, which represents a 5.03% dividend yield and a payout ratio of 133.76%.
• Analysts have mixed ratings on Simon Property Group, with a consensus rating of "Hold" and a target price averaging $182.73, while some firms have issued buy ratings with higher price targets.

Norden Group LLC lifted its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 17.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,533 shares of the real estate investment trust's stock after purchasing an additional 1,529 shares during the period. Norden Group LLC's holdings in Simon Property Group were worth $1,749,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its position in Simon Property Group by 31.1% in the first quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock valued at $553,000 after acquiring an additional 789 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Simon Property Group by 193.5% in the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock valued at $128,000 after buying an additional 509 shares during the period. Brighton Jones LLC purchased a new stake in shares of Simon Property Group in the fourth quarter valued at approximately $295,000. J.W. Cole Advisors Inc. acquired a new position in Simon Property Group during the first quarter worth $895,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Simon Property Group by 8.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust's stock worth $9,415,000 after acquiring an additional 4,589 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Insider Activity

In other news, Director Reuben S. Leibowitz purchased 522 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, with a total value of $83,149.38. Following the purchase, the director owned 58,195 shares in the company, valued at $9,269,881.55. This represents a 0.91% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel C. Smith acquired 378 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, with a total value of $60,211.62. Following the completion of the acquisition, the director directly 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. Insiders bought a total of 2,386 shares of company stock valued at $380,066 in the last three months. 8.66% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SPG has been the subject of a number of recent research reports. Barclays began coverage on Simon Property Group in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective for the company. Scotiabank increased their price target on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research note on Tuesday, June 17th. LADENBURG THALM/SH SH assumed coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Finally, Stifel Nicolaus lifted their price objective on shares of Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Seven investment 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, the company presently has a consensus rating of "Hold" and an average target price of $182.73.

Simon Property Group Price Performance

Simon Property Group stock traded down $1.47 during mid-day trading on Thursday, hitting $163.99. The company's stock had a trading volume of 513,904 shares, compared to its average volume of 1,619,644. The stock has a market capitalization of $53.53 billion, a P/E ratio of 26.07, a P/E/G ratio of 11.35 and a beta of 1.43. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The stock's fifty day moving average price is $161.70 and its two-hundred day moving average price is $165.32. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29.

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 earnings per share for the quarter, topping analysts' consensus estimates of $2.91 by $0.04. The firm had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. Simon Property Group's revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $3.56 EPS. Research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were given a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.12%. The ex-dividend date was Monday, June 9th. Simon Property Group's dividend payout ratio (DPR) is 133.76%.

Simon Property Group Company 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.