Premier Path Wealth Partners LLC Acquires 393 Shares of Simon Property Group, Inc. (NYSE:SPG)

Premier Path Wealth Partners LLC increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,036 shares of the real estate investment trust’s stock after purchasing an additional 393 shares during the period. Premier Path Wealth Partners LLC’s holdings in Simon Property Group were worth $1,675,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SPG. Vanguard Group Inc. raised its position in Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Norges Bank acquired a new stake in Simon Property Group in the 4th quarter valued at approximately $2,561,181,000. Charles Schwab Investment Management Inc. raised its position in Simon Property Group by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock valued at $504,611,000 after buying an additional 72,645 shares during the last quarter. Boston Partners raised its position in Simon Property Group by 4.2% in the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after buying an additional 92,648 shares during the last quarter. Finally, Centersquare Investment Management LLC raised its position in Simon Property Group by 4.5% in the 1st quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock valued at $283,905,000 after buying an additional 78,866 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SPG shares. Scotiabank lifted their target price on 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. Evercore ISI boosted their price target on Simon Property Group from $150.00 to $155.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Argus boosted their price target on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Stifel Nicolaus boosted their price target on Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group presently has a consensus rating of “Hold” and an average price target of $153.95.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 486 shares of Simon Property Group stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the purchase, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Stock Performance

Shares of SPG stock traded up $4.29 during trading on Friday, reaching $166.50. 1,325,678 shares of the company’s stock were exchanged, compared to its average volume of 1,456,188. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock has a market capitalization of $54.29 billion, a PE ratio of 21.21, a PEG ratio of 8.58 and a beta of 1.75. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $166.96. The firm’s fifty day moving average price is $152.28 and its 200-day moving average price is $149.72.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.88 earnings per share. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $2.05 dividend. The ex-dividend date is Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.92%. Simon Property Group’s payout ratio is 101.91%.

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.