Sound Income Strategies LLC Has $18.54 Million Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Sound Income Strategies LLC increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 5.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,616 shares of the real estate investment trust's stock after buying an additional 5,907 shares during the period. Simon Property Group accounts for about 1.1% of Sound Income Strategies LLC's investment portfolio, making the stock its 28th biggest holding. Sound Income Strategies LLC's holdings in Simon Property Group were worth $18,537,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new stake in Simon Property Group in the fourth quarter valued at approximately $2,059,505,000. Geode Capital Management LLC increased its stake in Simon Property Group by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust's stock valued at $1,577,600,000 after purchasing an additional 230,982 shares in the last quarter. Northern Trust Corp increased its stake in Simon Property Group by 45.9% in the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after purchasing an additional 1,718,398 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Simon Property Group by 5.5% in the fourth quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust's stock valued at $811,202,000 after purchasing an additional 246,630 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Simon Property Group by 14.8% in the fourth quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock valued at $726,136,000 after purchasing an additional 542,511 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on SPG shares. Stifel Nicolaus upped their target price 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. JPMorgan Chase & Co. lowered their target price on shares of 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 lowered their target price on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Mizuho lowered their target price 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. Finally, Scotiabank lowered their price objective on shares of Simon Property Group from $186.00 to $159.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $179.00.

Simon Property Group Stock Down 1.3%

Shares of SPG stock traded down $2.12 during trading hours on Friday, hitting $156.67. 2,090,688 shares of the company were exchanged, compared to its average volume of 1,543,297. The business has a 50 day moving average of $157.80 and a two-hundred day moving average of $168.44. 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, Inc. has a 52 week low of $136.34 and a 52 week high of $190.14. The company has a market capitalization of $51.14 billion, a PE ratio of 21.58, a PEG ratio of 10.10 and a beta of 1.47.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, topping the consensus estimate of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. 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 earnings per share. The firm's revenue was up 2.1% on a year-over-year basis. Analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 5.36%. The ex-dividend date is Monday, June 9th. Simon Property Group's payout ratio 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.