Foundations Investment Advisors LLC Invests $5.32 Million in Simon Property Group, Inc. (NYSE:SPG)

Foundations Investment Advisors LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 31,479 shares of the real estate investment trust’s stock, valued at approximately $5,321,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Simon Property Group by 11.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after purchasing an additional 3,626 shares in the last quarter. Aspiriant LLC bought a new stake in Simon Property Group in the 1st quarter valued at $1,139,000. BI Asset Management Fondsmaeglerselskab A S lifted its position in Simon Property Group by 333.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 24,531 shares of the real estate investment trust’s stock valued at $3,839,000 after acquiring an additional 18,872 shares in the last quarter. M&G Plc bought a new stake in Simon Property Group in the 1st quarter valued at $4,654,000. Finally, TTP Investments Inc. lifted its position in Simon Property Group by 42.0% in the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock valued at $5,796,000 after acquiring an additional 10,147 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Truist Financial boosted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Scotiabank boosted their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Mizuho lifted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price target (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Simon Property Group has a consensus rating of “Hold” and an average price target of $162.78.

Simon Property Group Stock Up 0.4 %

Shares of SPG stock opened at $174.85 on Wednesday. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The firm’s 50-day moving average is $166.73 and its 200-day moving average is $155.02. The stock has a market cap of $57.01 billion, a price-to-earnings ratio of 22.22, a PEG ratio of 9.70 and a beta of 1.74. Simon Property Group, Inc. has a 52-week low of $104.05 and a 52-week high of $177.08.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.88 earnings per share. Sell-side analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were issued a $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.69%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s dividend payout ratio is presently 104.19%.

Insider Activity

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 cost of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 8.50% of the stock is owned by insiders.

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.