Simon Property Group, Inc. (SPG)

Meridian Wealth Management LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Meridian Wealth Management LLC bought a new position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,666 shares of the real estate investment trust’s stock, valued at approximately $235,000. Several other hedge funds also recently added to or reduced their stakes in SPG. Panagora Asset Management Inc. grew its stake in shares of Simon Property Group by 11,722.9% during the 4th quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after purchasing an additional 667,034 shares during the period. Sound View Wealth Advisors Group LLC increased its stake in shares of Simon Property Group by 1.5% in the 4th 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 purchasing an additional 83 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Simon Property Group by 5.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 57,409 shares of the real estate investment trust’s stock worth $8,189,000 after purchasing an additional 2,895 shares during the period. Nicholas Investment Partners LP purchased a new position in Simon Property Group during the fourth quarter worth approximately $3,410,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Simon Property Group by 3.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 510,682 shares of the real estate investment trust’s stock valued at $71,541,000 after purchasing an additional 15,251 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors. Wall Street Analyst Weigh In SPG has been the topic of a number of recent analyst reports. Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Evercore ISI increased their target price on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Scotiabank raised their price objective on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday. Finally, Truist Financial boosted their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $141.40. Get Our Latest Stock Analysis on Simon Property Group Simon Property Group Trading Up 0.1 % Shares of SPG stock opened at $148.79 on Monday. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The firm has a market cap of $48.50 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 7.71 and a beta of 1.68. The company has a 50-day moving average of $147.78 and a two-hundred day moving average of $141.33. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. Simon Property Group (NYSE:SPG – Get Free Report) last posted its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. Simon Property Group’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.74 EPS. On average, analysts predict that Simon Property Group, Inc. will post 12.87 EPS for the current year. Simon Property Group declared that its board has initiated a share buyback plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued. 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 $2.00 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. This represents a $8.00 annualized dividend and a dividend yield of 5.38%. Simon Property Group’s payout ratio is 99.36%. Simon Property Group Company Profile (Free Report) 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.