Octavia Wealth Advisors LLC Lowers Position in Simon Property Group, Inc. (NYSE:SPG)

Octavia Wealth Advisors LLC lessened its position in Simon Property Group, Inc. (NYSE:SPG) by 4.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,648 shares of the real estate investment trust’s stock after selling 124 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Simon Property Group were worth $378,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPG. Cowa LLC purchased a new position in Simon Property Group during the first quarter valued at $107,000. Norges Bank purchased a new position in Simon Property Group during the fourth quarter valued at $807,887,000. International Assets Investment Management LLC raised its stake in 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 valued at $131,312,000 after buying an additional 913,678 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Simon Property Group by 10.4% in the first quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock valued at $910,337,000 after acquiring an additional 765,146 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Simon Property Group by 527.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 804,952 shares of the real estate investment trust’s stock valued at $105,899,000 after acquiring an additional 676,627 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

SPG opened at $140.35 on Wednesday. The business has a fifty day moving average of $149.61 and a 200 day moving average of $135.15. The stock has a market cap of $45.74 billion, a P/E ratio of 20.11, a PEG ratio of 7.47 and a beta of 1.65. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. 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 issued its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The company 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.15 earnings per share. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group declared that its board has initiated a share buyback plan on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a $1.95 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a yield of 5.56%. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is currently 111.75%.

Analyst Ratings Changes

Several brokerages have recently commented on SPG. The Goldman Sachs Group boosted their price objective on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Truist Financial boosted their price objective 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. Morgan Stanley boosted their price objective 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. Evercore ISI boosted their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Tuesday, April 9th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Simon Property Group currently has an average rating of “Moderate Buy” and a consensus target price of $140.22.

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.