Meridian Wealth Management LLC Sells 1,013 Shares of Simon Property Group, Inc. (NYSE:SPG)

Meridian Wealth Management LLC trimmed its stake in Simon Property Group, Inc. (NYSE:SPG) by 41.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,409 shares of the real estate investment trust’s stock after selling 1,013 shares during the period. Meridian Wealth Management LLC’s holdings in Simon Property Group were worth $230,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Independent Advisor Alliance grew its position in Simon Property Group by 9.1% in the first quarter. Independent Advisor Alliance now owns 75,789 shares of the real estate investment trust’s stock valued at $12,587,000 after acquiring an additional 6,335 shares during the period. Nuveen LLC bought a new stake in Simon Property Group in the first quarter valued at $724,937,000. JPMorgan Chase & Co. grew its position in Simon Property Group by 3.0% in the first quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust’s stock valued at $805,853,000 after acquiring an additional 141,657 shares during the period. Donoghue Forlines LLC grew its holdings in shares of Simon Property Group by 149.7% during the first quarter. Donoghue Forlines LLC now owns 22,350 shares of the real estate investment trust’s stock worth $3,712,000 after purchasing an additional 13,398 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Simon Property Group during the first quarter worth $81,000. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $172.31 on Friday. The stock has a market capitalization of $56.25 billion, a PE ratio of 26.63, a P/E/G ratio of 11.55 and a beta of 1.48. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The business has a fifty day moving average price of $163.08 and a two-hundred day moving average price of $164.78. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.13.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.01. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%. Simon Property Group’s revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.90 EPS. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a $2.15 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.0%. Simon Property Group’s dividend payout ratio is presently 129.83%.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 522 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the transaction, the director owned 58,195 shares of the company’s stock, valued at approximately $9,269,881.55. This represents a 0.91% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Glyn Aeppel purchased 234 shares of Simon Property Group stock in a transaction on Monday, June 30th. The stock was bought at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the transaction, the director directly owned 19,057 shares in the company, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 2,386 shares of company stock worth $380,066. 8.66% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SPG has been the topic of several research analyst reports. Barclays initiated coverage on Simon Property Group in a report on Wednesday, July 2nd. They set an “equal weight” rating and a $170.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Mizuho decreased their target price on Simon Property Group from $182.00 to $169.00 and set a “neutral” rating on the stock in a report on Tuesday, June 10th. Piper Sandler decreased their target price on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, May 23rd. Finally, LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a report on Friday, July 18th. They set a “buy” rating and a $225.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $182.64.

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.