Modern Wealth Management LLC Takes $5.14 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Modern Wealth Management LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,467 shares of the real estate investment trust's stock, valued at approximately $5,140,000.

Other hedge funds have also made changes to their positions in the company. Hopwood Financial Services Inc. purchased a new position in shares of Simon Property Group in the 4th quarter valued at about $28,000. WR Wealth Planners LLC increased its stake in Simon Property Group by 328.2% in the fourth quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 128 shares during the last quarter. New England Capital Financial Advisors LLC acquired a new stake in Simon Property Group during the fourth quarter worth approximately $30,000. TCTC Holdings LLC purchased a new stake in shares of Simon Property Group during the 4th quarter worth approximately $34,000. Finally, Synergy Asset Management LLC acquired a new position in shares of Simon Property Group in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 93.01% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SPG shares. Deutsche Bank Aktiengesellschaft began coverage on Simon Property Group in a report on Tuesday, December 17th. They issued a "hold" rating and a $195.00 price objective for the company. Jefferies Financial Group upgraded shares of Simon Property Group from a "hold" rating to a "buy" rating and increased their target price for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. StockNews.com cut Simon Property Group from a "buy" rating to a "hold" rating in a research report on Saturday. Piper Sandler upgraded shares of Simon Property Group from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Finally, Scotiabank set a $186.00 price target on shares of Simon Property Group in a report on Friday, February 28th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Simon Property Group currently has an average rating of "Hold" and an average price target of $180.33.

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Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 465 shares of the company's stock in a transaction on Monday, December 30th. The shares were bought at an average cost of $168.59 per share, with a total value of $78,394.35. Following the transaction, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Price Performance

Shares of NYSE:SPG traded down $1.64 during trading on Friday, reaching $164.21. The company had a trading volume of 1,309,293 shares, compared to its average volume of 1,438,811. The firm's fifty day moving average is $175.42 and its 200 day moving average is $174.45. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. The firm has a market capitalization of $53.58 billion, a PE ratio of 22.62, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78. Simon Property Group, Inc. has a twelve month low of $139.25 and a twelve month high of $190.14.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group's dividend payout ratio (DPR) is presently 115.70%.

Simon Property Group Profile

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.