Prospera Financial Services Inc Acquires 6,819 Shares of Simon Property Group, Inc. (NYSE:SPG)

Prospera Financial Services Inc lifted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 61.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 17,858 shares of the real estate investment trust's stock after purchasing an additional 6,819 shares during the period. Prospera Financial Services Inc's holdings in Simon Property Group were worth $3,019,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. EntryPoint Capital LLC bought a new stake in shares of Simon Property Group during the first quarter worth $26,000. Opal Wealth Advisors LLC bought a new position in Simon Property Group in the second quarter valued at about $25,000. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group in the second quarter valued at about $27,000. Capital Performance Advisors LLP bought a new position in Simon Property Group in the third quarter valued at about $30,000. Finally, Pathway Financial Advisers LLC bought a new position in Simon Property Group in the first quarter valued at about $29,000. Institutional investors own 93.01% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial raised their price target on Simon Property Group from $147.00 to $158.00 and gave the company a "hold" rating in a report on Wednesday, August 28th. StockNews.com cut Simon Property Group from a "buy" rating to a "hold" rating in a report on Thursday, October 10th. Stifel Nicolaus restated a "hold" rating and set a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Scotiabank raised their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a "sector perform" rating in a report on Monday, August 26th. Finally, Evercore ISI upgraded Simon Property Group from an "in-line" rating to an "outperform" rating and raised their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $162.78.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares of the company's stock, valued at $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is owned by insiders.

Simon Property Group Stock Down 0.2 %

Shares of Simon Property Group stock opened at $180.91 on Thursday. The business's 50 day simple moving average is $171.85 and its 200 day simple moving average is $159.67. Simon Property Group, Inc. has a 52-week low of $119.92 and a 52-week high of $182.84. The firm has a market cap of $59.03 billion, a PE ratio of 24.09, a P/E/G ratio of 10.57 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (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 firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the business posted $3.20 EPS. The firm's quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.05. Simon Property Group's dividend payout ratio (DPR) is currently 109.19%.

Simon Property Group Company 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.