Atlas Private Wealth Advisors Purchases New Stake in Simon Property Group, Inc. (NYSE:SPG)

August 11, 2024

4 minutes read

Atlas Private Wealth Advisors acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,000 shares of the real estate investment trust’s stock, valued at approximately $304,000.

A number of other large investors have also recently made changes to their positions in SPG. Prime Capital Investment Advisors LLC purchased a new stake in shares of Simon Property Group in the fourth quarter valued at about $430,000. Stratos Wealth Partners LTD. boosted its stake in shares of Simon Property Group by 8.3% in the 4th quarter. Stratos Wealth Partners LTD. now owns 2,722 shares of the real estate investment trust’s stock worth $388,000 after buying an additional 208 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Simon Property Group by 9.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock valued at $11,670,000 after acquiring an additional 7,250 shares in the last quarter. Bleakley Financial Group LLC increased its position in shares of Simon Property Group by 6.1% during the fourth quarter. Bleakley Financial Group LLC now owns 5,955 shares of the real estate investment trust’s stock valued at $849,000 after acquiring an additional 340 shares during the last quarter. Finally, Dearborn Partners LLC purchased a new position in Simon Property Group in the fourth quarter worth $229,000. 93.01% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction on Friday, June 28th. The shares were acquired at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 8.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Scotiabank raised their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday. Argus upped their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Evercore ISI raised their price target on shares of Simon Property Group from $150.00 to $155.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. Finally, Stifel Nicolaus boosted their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $153.50.

View Our Latest Analysis on Simon Property Group

Simon Property Group Price Performance

NYSE SPG traded up $3.51 during trading hours on Friday, reaching $158.67. 1,477,678 shares of the stock traded hands, compared to its average volume of 1,468,656. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.19. The stock has a 50 day simple moving average of $150.89 and a two-hundred day simple moving average of $148.46. Simon Property Group, Inc. has a 1 year low of $102.11 and a 1 year high of $159.73. The company has a market cap of $51.72 billion, a price-to-earnings ratio of 20.21, a price-to-earnings-growth ratio of 9.03 and a beta of 1.75.

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

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date of this dividend is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is presently 101.91%.

About Simon Property Group

(Free Report)

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.