Apollon Wealth Management LLC Boosts Holdings in Simon Property Group, Inc. (NYSE:SPG)

Apollon Wealth Management LLC raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 127.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,663 shares of the real estate investment trust’s stock after purchasing an additional 3,730 shares during the period. Apollon Wealth Management LLC’s holdings in Simon Property Group were worth $950,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Northern Trust Corp lifted its stake in shares of Simon Property Group by 1.9% in the third quarter. Northern Trust Corp now owns 4,745,198 shares of the real estate investment trust’s stock worth $512,624,000 after buying an additional 86,778 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Simon Property Group by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,465,010 shares of the real estate investment trust’s stock worth $374,325,000 after purchasing an additional 40,630 shares during the period. Invesco Ltd. raised its stake in Simon Property Group by 3.1% during the third quarter. Invesco Ltd. now owns 2,409,189 shares of the real estate investment trust’s stock worth $260,265,000 after purchasing an additional 71,751 shares during the period. Principal Financial Group Inc. raised its stake in Simon Property Group by 1.3% during the third quarter. Principal Financial Group Inc. now owns 2,128,104 shares of the real estate investment trust’s stock worth $229,897,000 after purchasing an additional 26,491 shares during the period. Finally, Royal Bank of Canada raised its stake in Simon Property Group by 5.9% during the third quarter. Royal Bank of Canada now owns 1,887,122 shares of the real estate investment trust’s stock worth $203,866,000 after purchasing an additional 105,606 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Trading Up 0.8 %

Shares of SPG stock opened at $149.11 on Friday. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a 50 day moving average price of $148.04 and a 200 day moving average price of $139.04. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market capitalization of $48.59 billion, a P/E ratio of 18.99, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the firm earned $2.74 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. Equities research analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group declared that its Board of Directors has initiated a share repurchase program on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $2.00 dividend. The ex-dividend date is Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.37%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is currently 101.91%.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of analyst reports. Morgan Stanley lifted their target price on shares of 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 shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Truist Financial lifted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group Company 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.