Sound Income Strategies LLC Has $14.20 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Sound Income Strategies LLC increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 90,764 shares of the real estate investment trust’s stock after purchasing an additional 4,075 shares during the quarter. Simon Property Group makes up approximately 1.1% of Sound Income Strategies LLC’s portfolio, making the stock its 28th largest position. Sound Income Strategies LLC’s holdings in Simon Property Group were worth $14,204,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Coldstream Capital Management Inc. boosted its holdings in shares of Simon Property Group by 1.5% during the fourth quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock worth $741,000 after purchasing an additional 77 shares during the period. Cascade Investment Group Inc. boosted its holdings in shares of Simon Property Group by 0.5% during the fourth quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after purchasing an additional 80 shares during the period. Salem Investment Counselors Inc. boosted its holdings in shares of 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 purchasing an additional 80 shares during the period. Schechter Investment Advisors LLC raised 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 valued at $485,000 after acquiring an additional 81 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC raised its position in Simon Property Group by 1.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock valued at $794,000 after acquiring an additional 83 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Performance

Shares of NYSE:SPG traded down $0.27 during trading on Wednesday, reaching $147.60. The stock had a trading volume of 1,674,616 shares, compared to its average volume of 1,488,791. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $157.82. The firm has a market capitalization of $48.11 billion, a price-to-earnings ratio of 18.75, a P/E/G ratio of 8.79 and a beta of 1.71. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The stock has a fifty day simple moving average of $147.08 and a two-hundred day simple moving average of $146.48.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the business earned $2.74 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts anticipate that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.42%. 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%.

Analyst Ratings Changes

Several brokerages recently weighed in on SPG. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Argus raised their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Truist Financial raised their price objective 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. Scotiabank raised their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a research report on Thursday, May 16th. Finally, Evercore ISI raised their price objective 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. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Simon Property Group presently has a consensus rating of “Moderate Buy” and an average price target of $147.60.

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.