Sound Income Strategies LLC Acquires 3,961 Shares of Simon Property Group, Inc. (NYSE:SPG)

Sound Income Strategies LLC grew its stake in Simon Property Group, Inc. (NYSE:SPG) by 3.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 105,709 shares of the real estate investment trust’s stock after purchasing an additional 3,961 shares during the period. Simon Property Group makes up approximately 1.1% of Sound Income Strategies LLC’s holdings, making the stock its 27th largest holding. Sound Income Strategies LLC’s holdings in Simon Property Group were worth $18,204,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SPG. Renaissance Technologies LLC acquired a new position in Simon Property Group during the second quarter worth $364,000. Gabelli Funds LLC grew its holdings in shares of Simon Property Group by 25.0% in the 2nd quarter. Gabelli Funds LLC now owns 7,500 shares of the real estate investment trust’s stock worth $1,138,000 after purchasing an additional 1,500 shares during the last quarter. Evergreen Capital Management LLC increased its position in shares of Simon Property Group by 9.6% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,074 shares of the real estate investment trust’s stock worth $315,000 after purchasing an additional 181 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Simon Property Group by 59.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 62,414 shares of the real estate investment trust’s stock valued at $9,474,000 after purchasing an additional 23,341 shares during the last quarter. Finally, Fred Alger Management LLC boosted its position in Simon Property Group by 3.4% in the second quarter. Fred Alger Management LLC now owns 29,659 shares of the real estate investment trust’s stock valued at $4,502,000 after buying an additional 986 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Reuben S. Leibowitz purchased 465 shares of the stock in a transaction dated Monday, December 30th. The stock was bought at an average cost of $168.59 per share, with a total value of $78,394.35. Following the purchase, the director now directly owns 55,919 shares in the company, valued at $9,427,384.21. The trade was a 0.84 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 8.50% of the stock is currently owned by company insiders.

Simon Property Group Price Performance

Simon Property Group stock opened at $174.94 on Friday. The stock has a market cap of $57.08 billion, a price-to-earnings ratio of 23.29, a P/E/G ratio of 9.26 and a beta of 1.75. Simon Property Group, Inc. has a 12-month low of $135.15 and a 12-month high of $186.00. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The business’s 50-day simple moving average is $176.87 and its 200 day simple moving average is $168.40.

Simon Property Group (NYSE:SPG) last issued its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($1.54). The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the business posted $3.20 EPS. As a group, research analysts anticipate that Simon Property Group, Inc. will post 12.72 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Monday, December 9th were given a dividend of $2.10 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date was Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.80%. Simon Property Group’s payout ratio is presently 111.85%.

Wall Street Analysts Forecast Growth

SPG has been the subject of several recent analyst reports. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $179.00 to $198.00 in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft began coverage on Simon Property Group in a report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price target for the company. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Mizuho lifted their price target on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $172.10.

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.