Brookstone Capital Management Buys 2,487 Shares of Simon Property Group, Inc. (NYSE:SPG)

Brookstone Capital Management increased its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,215 shares of the real estate investment trust's stock after buying an additional 2,487 shares during the quarter. Brookstone Capital Management's holdings in Simon Property Group were worth $4,022,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SPG. Hopwood Financial Services Inc. bought a new position in shares of Simon Property Group during the 4th quarter worth approximately $28,000. Caisse Des Depots ET Consignations purchased a new position in shares of Simon Property Group during the fourth quarter valued at $31,000. Continuum Advisory LLC boosted its position in Simon Property Group by 421.6% in the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 156 shares during the last quarter. TCTC Holdings LLC purchased a new position in Simon Property Group during the fourth quarter worth approximately $34,000. Finally, Colonial Trust Co SC lifted its stake in shares of Simon Property Group by 37.5% in the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Scotiabank upped their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a report on Tuesday, June 17th. Stifel Nicolaus raised their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Mizuho reduced 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. Wall Street Zen downgraded Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. 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. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of "Hold" and a consensus price target of $178.50.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Larry C. Glasscock bought 396 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $63,078.84. Following the completion of the acquisition, the director owned 43,185 shares of the company's stock, valued at $6,878,938.65. This trade represents a 0.93% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gary M. Rodkin bought 246 shares of the firm's stock in a transaction on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the acquisition, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. This trade represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 2,386 shares of company stock valued at $380,066 in the last 90 days. Corporate insiders own 8.60% of the company's stock.

Simon Property Group Stock Performance

Shares of SPG stock traded down $0.02 during mid-day trading on Wednesday, reaching $163.43. The stock had a trading volume of 647,610 shares, compared to its average volume of 1,544,076. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.14. The firm has a market cap of $53.35 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 9.20 and a beta of 1.43. The business's fifty day moving average is $161.11 and its 200-day moving average is $166.29. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.91 by $0.04. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The company's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the company earned $3.56 EPS. On average, research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date was Monday, June 9th. Simon Property Group's payout ratio is 133.76%.

Simon Property Group 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.