Raymond James Financial Services Advisors Inc. Has $10.27 Million Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 11.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,654 shares of the real estate investment trust's stock after purchasing an additional 6,513 shares during the period. Raymond James Financial Services Advisors Inc.'s holdings in Simon Property Group were worth $10,274,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SPG. Cape Investment Advisory Inc. raised its stake in Simon Property Group by 3,200.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust's stock worth $28,000 after acquiring an additional 192 shares in the last quarter. DT Investment Partners LLC increased its holdings in Simon Property Group by 714.3% in the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 200 shares in the last quarter. BOK Financial Private Wealth Inc. bought a new position in Simon Property Group in the fourth quarter valued at about $34,000. Selway Asset Management acquired a new stake in shares of Simon Property Group during the third quarter valued at about $26,000. Finally, Indiana Trust & Investment Management CO bought a new stake in shares of Simon Property Group during the first quarter worth about $41,000. Institutional investors and hedge funds own 93.01% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. StockNews.com raised shares of Simon Property Group from a "hold" rating to a "buy" rating in a report on Thursday, April 18th. Truist Financial increased their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a "hold" rating in a report on Friday, March 22nd. Evercore ISI lifted their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an "in-line" rating in a report on Wednesday, February 28th. Finally, Morgan Stanley increased their price target on Simon Property Group from $143.00 to $145.00 and gave the company an "equal weight" rating in a research note on Monday, February 26th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $140.22.

Simon Property Group Stock Up 1.1 %

NYSE SPG traded up $1.57 on Friday, hitting $142.93. 1,257,436 shares of the company were exchanged, compared to its average volume of 1,222,757. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The company has a market cap of $46.58 billion, a PE ratio of 20.48, a PEG ratio of 7.42 and a beta of 1.68. The stock has a fifty day moving average of $148.21 and a 200-day moving average of $138.01.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the business earned $3.15 earnings per share. The business's quarterly revenue was up 9.1% on a year-over-year basis. As a group, analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group declared that its board has authorized a share repurchase plan on Thursday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a $1.95 dividend. This is a boost from Simon Property Group's previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date was Thursday, March 7th. Simon Property Group's dividend payout ratio (DPR) is currently 111.75%.

Simon Property Group Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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