Abbrea Capital LLC Invests $217,000 in Simon Property Group, Inc. (NYSE:SPG)

Abbrea Capital LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,522 shares of the real estate investment trust’s stock, valued at approximately $217,000.

Several other hedge funds also recently made changes to their positions in SPG. International Assets Investment Management LLC grew its position in shares of Simon Property Group by 13,226.4% in the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after acquiring an additional 913,678 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in Simon Property Group during the 3rd quarter valued at $69,423,000. American Century Companies Inc. raised its stake in Simon Property Group by 65.3% during the 3rd quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust’s stock valued at $92,278,000 after acquiring an additional 337,430 shares in the last quarter. Sapient Capital LLC bought a new stake in shares of Simon Property Group in the 4th quarter worth $25,725,000. Finally, Schroder Investment Management Group raised its stake in shares of Simon Property Group by 16.6% in the 3rd quarter. Schroder Investment Management Group now owns 1,267,131 shares of the real estate investment trust’s stock worth $136,888,000 after buying an additional 180,318 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Simon Property Group Stock Down 0.1 %

Shares of SPG stock traded down $0.08 on Thursday, hitting $142.73. The company’s stock had a trading volume of 1,556,333 shares, compared to its average volume of 1,482,037. 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, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The firm’s fifty day moving average price is $149.30 and its 200-day moving average price is $136.51. The stock has a market capitalization of $46.52 billion, a price-to-earnings ratio of 20.46, a P/E/G ratio of 7.54 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the business earned $3.15 EPS. The business’s revenue was up 9.1% compared to the same quarter last year. Research analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group declared that its Board of Directors has initiated a share buyback program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase 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 shares are undervalued.

Simon Property Group Increases Dividend

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

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.