2,259 Shares in Simon Property Group, Inc. (NYSE:SPG) Purchased by Meridian Wealth Management LLC

Meridian Wealth Management LLC acquired a new position in Simon Property Group, Inc. (NYSE:SPG) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 2,259 shares of the real estate investment trust’s stock, valued at approximately $378,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Smead Capital Management Inc. lifted its holdings in Simon Property Group by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,620,355 shares of the real estate investment trust’s stock valued at $442,892,000 after purchasing an additional 88,378 shares in the last quarter. Boston Partners lifted its holdings in Simon Property Group by 4.2% in the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after purchasing an additional 92,648 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Simon Property Group by 1.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,487,897 shares of the real estate investment trust’s stock valued at $251,484,000 after purchasing an additional 25,519 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in Simon Property Group by 373.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock valued at $212,906,000 after purchasing an additional 993,694 shares in the last quarter. Finally, PGGM Investments lifted its holdings in Simon Property Group by 1.9% in the 2nd quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock valued at $187,947,000 after purchasing an additional 23,186 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPG has been the topic of a number of recent research reports. Mizuho upped their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the company from $160.00 to $172.00 in a report on Monday, September 16th. Scotiabank upped 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 note on Monday, August 26th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price objective (up previously 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $162.78.

Insider Buying and Selling

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 8.60% of the company’s stock.

Simon Property Group Trading Down 0.4 %

NYSE SPG opened at $181.14 on Monday. The company has a 50-day moving average of $172.55 and a 200-day moving average of $160.25. The company has a market cap of $59.10 billion, a P/E ratio of 24.12, a P/E/G ratio of 10.57 and a beta of 1.74. Simon Property Group, Inc. has a 12 month low of $119.92 and a 12 month high of $183.96. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last posted 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). The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. 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 company posted $3.20 EPS. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm 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 dividend of $2.10 per share. 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 an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is 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.