Cetera Trust Company N.A Buys New Holdings in Simon Property Group, Inc. (NYSE:SPG)

Cetera Trust Company N.A bought a new stake in Simon Property Group, Inc. (NYSE:SPG) during the fourth quarter, HoldingsChannel reports. The fund bought 2,075 shares of the real estate investment trust’s stock, valued at approximately $296,000.

A number of other large investors have also recently bought and sold shares of the company. Cascade Investment Group Inc. lifted its holdings in Simon Property Group by 0.5% in the fourth quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after acquiring an additional 80 shares during the period. Salem Investment Counselors Inc. lifted its holdings in Simon Property Group by 16.6% in the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 80 shares during the period. Schechter Investment Advisors LLC lifted its holdings in Simon Property Group by 2.4% in the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after acquiring an additional 81 shares during the period. Evergreen Capital Management LLC lifted its holdings in Simon Property Group by 1.9% in the third quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after acquiring an additional 85 shares during the period. Finally, Miracle Mile Advisors LLC raised its stake in shares of Simon Property Group by 0.9% during the 4th quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock worth $1,369,000 after buying an additional 86 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 0.4 %

Shares of NYSE:SPG opened at $141.00 on Monday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The business has a fifty day moving average of $149.36 and a two-hundred day moving average of $135.92. The stock has a market cap of $45.95 billion, a P/E ratio of 20.12, a PEG ratio of 7.37 and a beta of 1.65. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.15 earnings per share. On average, research analysts expect that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

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 dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 5.53%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

Simon Property Group announced that its board has initiated a share repurchase plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SPG. Evercore ISI upped their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday. 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 research note on Friday, March 22nd. Finally, Morgan Stanley increased their price objective 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 investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Company 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.