20,538 Shares in Simon Property Group, Inc. (NYSE:SPG) Purchased by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC bought a new position in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 20,538 shares of the real estate investment trust's stock, valued at approximately $3,214,000.

A number of other hedge funds have also modified their holdings of the stock. Nordea Investment Management AB grew its holdings in shares of Simon Property Group by 4.6% during the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust's stock valued at $21,923,000 after buying an additional 6,703 shares in the last quarter. Lighthouse Investment Partners LLC purchased a new position in Simon Property Group in the fourth quarter valued at about $5,706,000. SG Americas Securities LLC grew its stake in Simon Property Group by 121.5% in the fourth quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust's stock valued at $4,565,000 after purchasing an additional 17,552 shares in the last quarter. Corient Private Wealth LLC grew its stake in Simon Property Group by 97.8% in the fourth quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust's stock valued at $10,708,000 after purchasing an additional 37,108 shares in the last quarter. Finally, Cornerstone Wealth Management LLC purchased a new position in Simon Property Group in the fourth quarter valued at about $238,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Price Performance

Shares of SPG stock traded up $1.99 during trading hours on Friday, hitting $151.80. The company had a trading volume of 3,709,777 shares, compared to its average volume of 1,631,897. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $157.82. The firm has a market capitalization of $49.48 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 9.02 and a beta of 1.71. The firm's fifty day moving average is $147.63 and its 200 day moving average is $146.77. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company posted $2.74 earnings per share. The company's revenue for the quarter was up 6.8% on a year-over-year basis. On average, sell-side analysts predict that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a dividend of $2.00 per share. This is an increase from Simon Property Group's previous quarterly dividend of $1.95. The ex-dividend date of this dividend was Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.27%. Simon Property Group's dividend payout ratio is currently 101.91%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SPG shares. Truist Financial boosted their target price on Simon Property Group from $139.00 to $147.00 and gave the company 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 report on Thursday, April 18th. Scotiabank boosted their price target on Simon Property Group from $142.00 to $152.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 16th. Finally, Argus boosted their price objective 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. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $147.60.

Simon Property Group Company Profile

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.