Element Wealth LLC Sells 258 Shares of Simon Property Group, Inc. (NYSE:SPG)

Element Wealth LLC reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 6.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,849 shares of the real estate investment trust’s stock after selling 258 shares during the quarter. Element Wealth LLC’s holdings in Simon Property Group were worth $549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Cascade Investment Group Inc. grew its position in shares of Simon Property Group by 0.5% in the fourth quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after purchasing an additional 80 shares in the last quarter. Salem Investment Counselors Inc. grew its position in Simon Property Group by 16.6% during the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 80 shares in the last quarter. Schechter Investment Advisors LLC grew its position in Simon Property Group by 2.4% during the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after buying an additional 81 shares in the last quarter. Evergreen Capital Management LLC grew its position in Simon Property Group by 1.9% during the third quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock worth $495,000 after buying an additional 85 shares in the last quarter. Finally, Miracle Mile Advisors LLC grew its position in Simon Property Group by 0.9% during the fourth quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock worth $1,369,000 after buying an additional 86 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

NYSE:SPG traded up $1.37 during mid-day trading on Tuesday, hitting $143.78. 768,227 shares of the company traded hands, compared to its average volume of 1,484,451. The stock’s fifty day moving average price is $149.29 and its 200-day moving average price is $136.19. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The firm has a market cap of $46.86 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 7.37 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.15 EPS. Research analysts anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group announced that its Board of Directors has authorized a stock repurchase program 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 repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 5.42%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is presently 111.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley lifted 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. Evercore ISI lifted 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. Truist Financial lifted 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. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.22.

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.