GAMMA Investing LLC Acquires New Shares in Simon Property Group, Inc. (NYSE:SPG)

GAMMA Investing LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG) during the fourth quarter, Holdings Channel reports. The fund acquired 2,620 shares of the real estate investment trust’s stock, valued at approximately $363,000.

Other large investors have also recently added to or reduced their stakes in the company. Arlington Trust Co LLC acquired a new position in Simon Property Group in the third quarter valued at approximately $25,000. DT Investment Partners LLC lifted its holdings in Simon Property Group by 714.3% in the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 200 shares during the last quarter. Selway Asset Management acquired a new position in Simon Property Group during the third quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Simon Property Group during the third quarter worth $33,000. Finally, BOK Financial Private Wealth Inc. acquired a new position in Simon Property Group during the fourth quarter worth $34,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on SPG. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Truist Financial upped their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Evercore ISI upped their price target 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. Finally, Morgan Stanley upped their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $140.22.

Simon Property Group Stock Down 0.7 %

Shares of NYSE SPG opened at $142.82 on Thursday. The stock has a market cap of $46.55 billion, a P/E ratio of 20.46, a PEG ratio of 7.54 and a beta of 1.65. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82. The business’s fifty day simple moving average is $149.30 and its 200-day simple moving average is $136.51.

Simon Property Group (NYSE:SPG) last posted 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). The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company earned $3.15 EPS. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm 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 represents a $7.80 annualized dividend and a yield of 5.46%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group declared that its board has approved a stock 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 buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.