Simon Property Group, Inc. (NYSE:SPG) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC grew its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 9.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,854 shares of the real estate investment trust's stock after acquiring an additional 2,194 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Simon Property Group were worth $4,294,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Simon Property Group during the 4th quarter worth about $2,059,505,000. Geode Capital Management LLC raised its position in shares of Simon Property Group by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust's stock worth $1,577,600,000 after purchasing an additional 230,982 shares during the last quarter. Northern Trust Corp raised its position 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 worth $940,758,000 after purchasing an additional 1,718,398 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Simon Property Group by 5.5% during the 4th quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust's stock worth $811,202,000 after purchasing an additional 246,630 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Simon Property Group by 14.8% during the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock worth $726,136,000 after purchasing an additional 542,511 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Wall Street Analysts Forecast Growth

SPG has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Scotiabank upped 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 report on Tuesday, June 17th. Wall Street Zen downgraded shares of Simon Property Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 29th. Stifel Nicolaus upped 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. Finally, Mizuho dropped their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $179.44.

Simon Property Group Stock Up 2.1%

Shares of NYSE SPG opened at $160.70 on Friday. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.14. The stock has a market cap of $52.45 billion, a PE ratio of 25.59, a P/E/G ratio of 8.78 and a beta of 1.47. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29. The company has a 50-day moving average of $159.47 and a 200 day moving average of $167.03.

Simon Property Group (NYSE:SPG - Get Free Report) last posted 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 net margin of 35.98% and a return on equity of 67.32%. The business had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter in the prior year, the company posted $3.56 EPS. The business's revenue for the quarter was up 2.1% on a year-over-year basis. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $8.40 annualized dividend and a dividend yield of 5.23%. Simon Property Group's dividend payout ratio is currently 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.

Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.