Mission Wealth Management LP Lowers Holdings in Simon Property Group, Inc. (NYSE:SPG)

Mission Wealth Management LP reduced its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,789 shares of the real estate investment trust’s stock after selling 81 shares during the quarter. Mission Wealth Management LP’s holdings in Simon Property Group were worth $255,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of SPG. LPL Financial LLC raised its holdings in shares of Simon Property Group by 16.6% in the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after acquiring an additional 51,380 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Simon Property Group by 4.6% in the 4th quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after purchasing an additional 6,703 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Simon Property Group by 121.5% in 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 purchasing an additional 17,552 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new stake in shares of Simon Property Group in the 4th quarter worth approximately $238,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Simon Property Group by 9.7% during the fourth 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 purchasing an additional 7,250 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SPG. Truist Financial boosted their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Morgan Stanley upped their price objective 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. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Evercore ISI boosted their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Stock Up 1.1 %

Shares of SPG stock opened at $142.93 on Friday. The stock’s fifty day moving average price is $148.36 and its 200 day moving average price is $137.77. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The company has a market cap of $46.58 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 7.42 and a beta of 1.68. 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 issued 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 return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the firm posted $3.15 EPS. Simon Property Group’s revenue was up 9.1% on a year-over-year basis. On average, research analysts expect that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a dividend of $1.95 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a yield of 5.46%. Simon Property Group’s dividend payout ratio is presently 111.75%.

Simon Property Group announced that its board has approved a stock buyback program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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.