Raymond James Financial Inc. Buys New Stake in Simon Property Group, Inc. (NYSE:SPG)

Raymond James Financial Inc. purchased a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 455,215 shares of the real estate investment trust's stock, valued at approximately $78,393,000. Raymond James Financial Inc. owned approximately 0.14% of Simon Property Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in Simon Property Group during the 3rd quarter worth approximately $30,000. CWA Asset Management Group LLC purchased a new stake in Simon Property Group during the 3rd quarter worth approximately $1,503,000. Assetmark Inc. increased its stake in Simon Property Group by 3.8% during the 3rd quarter. Assetmark Inc. now owns 8,769 shares of the real estate investment trust's stock worth $1,482,000 after buying an additional 322 shares in the last quarter. Lindbrook Capital LLC increased its stake in Simon Property Group by 34.9% during the 3rd quarter. Lindbrook Capital LLC now owns 2,328 shares of the real estate investment trust's stock worth $393,000 after buying an additional 602 shares in the last quarter. Finally, Del Sette Capital Management LLC increased its stake in Simon Property Group by 1.8% during the 3rd quarter. Del Sette Capital Management LLC now owns 12,583 shares of the real estate investment trust's stock worth $2,127,000 after buying an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Trading Up 1.5 %

SPG traded up $2.47 during trading hours on Wednesday, reaching $165.95. The company's stock had a trading volume of 1,951,062 shares, compared to its average volume of 1,338,635. Simon Property Group, Inc. has a fifty-two week low of $139.25 and a fifty-two week high of $190.14. The stock has a market cap of $54.15 billion, a PE ratio of 22.86, a P/E/G ratio of 10.10 and a beta of 1.78. The business's 50-day moving average is $177.62 and its 200-day moving average is $174.54. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00.

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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 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date is Monday, March 10th. Simon Property Group's dividend payout ratio (DPR) is 115.70%.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz purchased 465 shares of the firm's stock in a transaction on Monday, December 30th. The shares were bought at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the purchase, the director now directly owns 55,919 shares of the company's stock, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 8.50% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Scotiabank set a $186.00 price objective on Simon Property Group in a research note on Friday, February 28th. Jefferies Financial Group upgraded Simon Property Group from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft began coverage on Simon Property Group in a research report on Tuesday, December 17th. They issued a "hold" rating and a $195.00 price target for the company. Piper Sandler upgraded Simon Property Group from a "neutral" rating to an "overweight" rating and upped their price target for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Finally, Mizuho upped their price target on Simon Property Group from $158.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, December 4th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Simon Property Group has a consensus rating of "Hold" and an average price target of $180.33.

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.