Harvest Fund Management Co. Ltd Buys 722 Shares of Simon Property Group, Inc. (NYSE:SPG)

Harvest Fund Management Co. Ltd increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 57.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,985 shares of the real estate investment trust’s stock after buying an additional 722 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Simon Property Group were worth $283,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SPG. Arlington Trust Co LLC bought a new stake in Simon Property Group during the third quarter worth $25,000. DT Investment Partners LLC grew its holdings in Simon Property Group by 714.3% during the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 200 shares in the last quarter. Selway Asset Management bought a new stake in Simon Property Group during the third quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Simon Property Group during the third quarter worth $33,000. Finally, BOK Financial Private Wealth Inc. purchased a new position in Simon Property Group in the fourth quarter worth $34,000. Institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Simon Property Group Stock Performance

NYSE:SPG opened at $142.81 on Thursday. The firm has a market cap of $46.54 billion, a price-to-earnings ratio of 20.46, a PEG ratio of 7.54 and a beta of 1.65. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. The business’s fifty day moving average is $149.30 and its 200 day moving average is $136.51. 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 announced its 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 during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. Simon Property Group’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.15 earnings per share. Research analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed 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 dividend yield of 5.46%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.

Simon Property Group declared that its Board of Directors has approved a share buyback program 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 purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Simon Property Group

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.