Charles Schwab Investment Management Inc. Buys 72,645 Shares of Simon Property Group, Inc. (NYSE:SPG)

Charles Schwab Investment Management Inc. increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,537,655 shares of the real estate investment trust’s stock after purchasing an additional 72,645 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Simon Property Group were worth $504,611,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. LPL Financial LLC lifted its stake in shares of Simon Property Group by 16.6% during the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after acquiring an additional 51,380 shares during the period. Nordea Investment Management AB grew its holdings in Simon Property Group by 4.6% during the 4th quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock worth $21,923,000 after acquiring an additional 6,703 shares during the period. SG Americas Securities LLC raised its position in shares of Simon Property Group by 121.5% during the 4th quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after acquiring an additional 17,552 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in shares of Simon Property Group in the 4th quarter worth $238,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Simon Property Group by 9.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock worth $11,670,000 after purchasing an additional 7,250 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

SPG has been the topic of a number of recent analyst reports. Truist Financial raised their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Morgan Stanley lifted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Finally, Evercore ISI upped their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Stock Up 2.4 %

Shares of Simon Property Group stock traded up $3.51 during trading on Tuesday, reaching $147.95. The stock had a trading volume of 2,671,251 shares, compared to its average volume of 1,493,685. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The company has a market capitalization of $48.22 billion, a price-to-earnings ratio of 21.20, a P/E/G ratio of 7.50 and a beta of 1.68. The stock has a fifty day moving average price of $148.08 and a two-hundred day moving average price of $138.97. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm earned $2.74 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. Sell-side analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group declared that its Board of Directors has approved a stock buyback program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, June 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.41%. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.

About Simon Property Group

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.