Breakwater Capital Group Acquires Shares of 1,376 Simon Property Group, Inc. (NYSE:SPG)

Breakwater Capital Group acquired a new stake in shares of Simon Property Group, Inc. (NYSE:SPG) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,376 shares of the real estate investment trust’s stock, valued at approximately $215,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Simon Property Group during the fourth quarter worth $2,561,181,000. International Assets Investment Management LLC lifted its position in shares of Simon Property Group by 13,226.4% during the fourth quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after acquiring an additional 913,678 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of Simon Property Group by 11,722.9% during the fourth quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after acquiring an additional 667,034 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its position in shares of Simon Property Group by 160.1% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock worth $108,887,000 after acquiring an additional 469,855 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Simon Property Group by 65.3% in the third quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust’s stock worth $92,278,000 after buying an additional 337,430 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Scotiabank increased their price objective on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Truist Financial increased their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Argus raised their price target 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. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $147.60.

Simon Property Group Stock Up 1.3 %

Simon Property Group stock traded up $1.99 during trading hours on Friday, hitting $151.80. 3,709,777 shares of the stock traded hands, compared to its average volume of 1,631,897. The firm’s 50-day moving average price is $147.63 and its two-hundred day moving average price is $146.77. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a market cap of $49.48 billion, a PE ratio of 19.34, a PEG ratio of 9.02 and a beta of 1.71. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $157.82.

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 (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business 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 business posted $2.74 earnings per share. Simon Property Group’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, research analysts forecast that Simon Property Group, Inc. will post 12.84 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a $2.00 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 dividend on an annualized basis and a yield of 5.27%. The ex-dividend date of this dividend was Friday, June 7th. Simon Property Group’s payout ratio is presently 101.91%.

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.