Cornerstone Wealth Group LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Cornerstone Wealth Group LLC purchased a new stake in Simon Property Group, Inc. (NYSE:SPG) during the first quarter, according to its most recent filing with the SEC. The firm purchased 20,538 shares of the real estate investment trust’s stock, valued at approximately $3,214,000.

Other large investors have also recently made changes to their positions in the company. Cape Investment Advisory Inc. grew its position in shares of Simon Property Group by 3,200.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 192 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new position in shares of Simon Property Group during the fourth quarter worth $34,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Simon Property Group during the 4th quarter valued at $41,000. Indiana Trust & Investment Management CO acquired a new stake in shares of Simon Property Group in the 1st quarter worth $41,000. Finally, Rise Advisors LLC increased its position in Simon Property Group by 145.9% during the 1st quarter. Rise Advisors LLC now owns 273 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 162 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on SPG. Scotiabank lifted their target price on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Argus upped their target price on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Truist Financial raised their target price 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. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $147.60.

Simon Property Group Stock Up 1.3 %

SPG traded up $1.99 on Friday, hitting $151.80. 3,709,777 shares of the company were exchanged, compared to its average volume of 1,631,897. The firm has a 50-day moving average price of $147.63 and a two-hundred day moving average price of $146.72. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $157.82. The company has a market cap of $49.48 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 9.02 and a beta of 1.71.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the company posted $2.74 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities analysts predict that Simon Property Group, Inc. will post 12.84 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $2.00 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a dividend yield of 5.27%. The ex-dividend date of this dividend was Friday, June 7th. Simon Property Group’s dividend payout ratio is currently 101.91%.

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.