Steele Capital Management Inc. Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Steele Capital Management Inc. bought a new stake in Simon Property Group, Inc. (NYSE:SPG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,230 shares of the real estate investment trust’s stock, valued at approximately $318,000.

Other institutional investors have also recently made changes to their positions in the company. LPL Financial LLC boosted its stake in Simon Property Group by 16.6% during the 3rd quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock worth $38,903,000 after purchasing an additional 51,380 shares during the last quarter. Nordea Investment Management AB boosted its position in Simon Property Group by 4.6% during the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock worth $21,923,000 after acquiring an additional 6,703 shares during the last quarter. SG Americas Securities LLC grew its stake in Simon Property Group by 121.5% during the 4th quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after acquiring an additional 17,552 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new stake in Simon Property Group in the 4th quarter valued at about $238,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Simon Property Group by 9.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock valued at $11,670,000 after acquiring an additional 7,250 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Trading Down 0.8 %

Shares of NYSE:SPG traded down $1.11 during midday trading on Tuesday, reaching $143.72. 195,895 shares of the company’s stock were exchanged, compared to its average volume of 1,458,278. The stock has a market cap of $46.84 billion, a price-to-earnings ratio of 20.75, a P/E/G ratio of 7.47 and a beta of 1.65. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The firm’s 50 day simple moving average is $148.94 and its two-hundred day simple moving average is $137.49. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77.

Simon Property Group (NYSE:SPG) last announced its quarterly 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). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the business earned $3.15 earnings per share. Simon Property Group’s revenue was up 9.1% on a year-over-year basis. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given a dividend of $1.95 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a dividend yield of 5.43%. The ex-dividend date 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 authorized a share repurchase plan on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SPG shares. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Morgan Stanley raised their target price 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 report on Wednesday, February 28th. Finally, Truist Financial upped their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.