Cornerstone Wealth Group LLC Buys 1,359 Shares of Simon Property Group, Inc. (NYSE:SPG)

Cornerstone Wealth Group LLC boosted its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 5.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,517 shares of the real estate investment trust’s stock after purchasing an additional 1,359 shares during the period. Cornerstone Wealth Group LLC’s holdings in Simon Property Group were worth $4,072,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPG. Berry Wealth Group LP purchased a new stake in shares of Simon Property Group in the first quarter worth $226,000. Asset Management One Co. Ltd. increased its stake in shares of Simon Property Group by 2.3% in the first quarter. Asset Management One Co. Ltd. now owns 601,571 shares of the real estate investment trust’s stock worth $99,909,000 after purchasing an additional 13,638 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of Simon Property Group by 4.2% in the first quarter. Oppenheimer & Co. Inc. now owns 35,710 shares of the real estate investment trust’s stock worth $5,931,000 after purchasing an additional 1,445 shares in the last quarter. Continuum Advisory LLC increased its stake in shares of Simon Property Group by 421.6% in the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 156 shares in the last quarter. Finally, Genesee Capital Advisors LLC grew its stake in Simon Property Group by 9.1% during the first quarter. Genesee Capital Advisors LLC now owns 5,517 shares of the real estate investment trust’s stock valued at $916,000 after acquiring an additional 462 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SPG shares. Stifel Nicolaus raised their target price on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Piper Sandler cut their target price on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, May 23rd. Wall Street Zen cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. JPMorgan Chase & Co. cut their target price on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Finally, Scotiabank increased their price objective on shares of Simon Property Group from $159.00 to $163.00 and gave the company a “sector perform” rating in a research report on Tuesday, June 17th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $179.44.

Simon Property Group Stock Performance

SPG opened at $159.01 on Tuesday. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a fifty day moving average price of $158.87 and a 200 day moving average price of $167.30. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.14. The stock has a market cap of $51.90 billion, a P/E ratio of 25.32, a P/E/G ratio of 8.77 and a beta of 1.47.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.04. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.56 EPS. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.28%. The ex-dividend date is Monday, June 9th. Simon Property Group’s payout ratio is 133.76%.

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.