Highland Capital Management LLC Invests $1.19 Million in Simon Property Group, Inc. (NYSE:SPG)

Highland Capital Management LLC bought a new position in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,909 shares of the real estate investment trust's stock, valued at approximately $1,190,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in Simon Property Group in the third quarter worth $30,000. Trivant Custom Portfolio Group LLC bought a new position in shares of Simon Property Group during the 3rd quarter worth about $42,000. Eastern Bank acquired a new stake in shares of Simon Property Group in the 3rd quarter valued at about $42,000. Ashton Thomas Securities LLC bought a new stake in Simon Property Group in the 3rd quarter valued at about $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in Simon Property Group by 107.5% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 413 shares of the real estate investment trust's stock worth $70,000 after buying an additional 214 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Stock Down 0.2 %

NYSE:SPG traded down $0.39 on Monday, hitting $173.47. The stock had a trading volume of 777,145 shares, compared to its average volume of 1,250,105. Simon Property Group, Inc. has a 1 year low of $135.15 and a 1 year high of $186.00. The firm's fifty day simple moving average is $176.08 and its two-hundred day simple moving average is $169.77. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. The stock has a market cap of $56.60 billion, a P/E ratio of 23.10, a price-to-earnings-growth ratio of 9.31 and a beta of 1.74.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts' consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.32 billion. During the same period in the previous year, the business posted $3.20 earnings per share. The business's revenue was up 4.9% compared to the same quarter last year. Analysts predict that Simon Property Group, Inc. will post 12.72 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz purchased 465 shares of the firm's stock in a transaction dated Monday, December 30th. The stock was bought at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the purchase, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 8.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on SPG. Jefferies Financial Group raised Simon Property Group from a "hold" rating to a "buy" rating and raised their price objective for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. StockNews.com downgraded shares of Simon Property Group from a "buy" rating to a "hold" rating in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft started coverage on shares of Simon Property Group in a research note on Tuesday, December 17th. They set a "hold" rating and a $195.00 price target for the company. Finally, Mizuho raised their price objective on shares of Simon Property Group from $158.00 to $182.00 and gave the company a "neutral" rating in a research note on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Simon Property Group currently has a consensus rating of "Hold" and an average target price of $172.10.

About Simon Property Group

Simon Property Group, Inc NYSE: SPG is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.