On September 10, 2023, it was reported that Ibex Wealth Advisors had acquired a new stake in shares of Simon Property Group, Inc. (NYSE:SPG) during the first quarter. According to their disclosure with the Securities and Exchange Commission, the fund purchased 11,297 shares of the real estate investment trust’s stock, valued at approximately $1,265,000.
Simon Property Group is a renowned real estate investment trust that specializes in owning premier shopping, dining, entertainment, and mixed-use destinations. As an S&P 100 company (Simon Property Group, NYSE: SPG), its properties span across North America, Europe, and Asia and serve as community gathering places for millions of people every day. Moreover, these properties generate billions of dollars in annual sales.
In addition to its recent acquisition by Ibex Wealth Advisors, Simon Property Group also made an important announcement regarding its quarterly dividend. The dividend payment is scheduled for Friday, September 29th. Shareholders who were recorded as of Friday, September 8th will receive a dividend of $1.90 per share. It is worth noting that the ex-dividend date was set for Thursday, September 7th.
The current dividend represents an increase from Simon Property Group’s previous quarterly dividend of $1.85 per share. Based on this new payout rate and the current share price of the company’s stock as of our reference date in September 2023, investors can expect an annualized dividend yield of 6.63%. Furthermore, the company’s dividend payout ratio stands at 115.50% at present.
This move by Simon Property Group signals their commitment to delivering value to shareholders through regular and increased dividend payments. Such initiatives contribute to attracting more investors to consider including Simon Property Group in their portfolios.
As an established player in the real estate industry with a strong presence worldwide and a diverse portfolio of high-quality assets, Simon Property Group continues to demonstrate its ability to generate stable returns for investors. With its focus on premier properties and dedication to enhancing shareholder value, the company remains an attractive investment option in the market.
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Institutional Investors’ Positions in Simon Property Group: Recent Changes and Outlook
September 10, 2023
Institutional Investors’ Positions in Simon Property Group
Simon Property Group, a renowned real estate investment trust company (NYSE: SPG), has recently witnessed changes in the positions of several institutional investors. Mitchell Capital Management Co., for instance, increased its holdings in Simon Property Group by a mere 0.4% during the fourth quarter, now owning 24,412 shares valued at $2,868,000. My Legacy Advisors LLC also saw an increase of 5.2% in its holdings during the first quarter, now owning 1,830 shares worth $201,000. Similarly, Sequoia Financial Advisors LLC and Parkside Financial Bank & Trust increased their holdings by 3.6% and 17.1% respectively in the first quarter. Finally, Tiedemann Advisors LLC gained an additional 1.7% ownership during Q1 and now owns 5,681 shares valued at $636,000.
It is worth noting that approximately 84.73% of Simon Property Group’s stock is owned by hedge funds and other institutional investors.
Shares of SPG stock opened at $114.62 on Friday with a market capitalization of $37.50 billion. The company’s moving averages indicate a 50-day price of $118.40 and a 200-day price of $113.14. Furthermore, it boasts a current ratio and quick ratio of both being equal to 1.02 which signals good liquidity management by the company.
With regards to its financials, Simon Property Group holds a debt-to-equity ratio at an astonishingly high level of 7.67 while maintaining a favorable price-to-earnings ratio of 17.42 and a PEG ratio of 4.71 indicating potential overvaluation according to these metrics alone.
Simon Property Group is internationally recognized as it operates premier shopping centers across North America,
Europe, and Asia. These destinations serve as gathering places for millions of people worldwide, offering a diverse range of shopping, dining, entertainment, and mixed-use experiences. Notably, the company is also listed in the S&P 100 index.
Despite its prominence, Simon Property Group has recently received mixed reviews from equities research analysts. StockNews.com initiated coverage on the company with a “hold” rating. Stifel Nicolaus increased their target price from $130.00 to $139.00 while Wolfe Research raised its rating from “peer perform” to “outperform”. However, Mizuho downgraded its target price from $116.00 to $106.00, and JPMorgan Chase & Co followed suit with a reduced target price of $124.00.
Currently, Bloomberg reports that the consensus rating for Simon Property Group is a “Moderate Buy,” with an average price target standing at $128.36.
For further information on SPG’s performance and outlook, please refer to our latest report available on our website.
Disclaimer: This article provides general information and does not constitute investment advice. Investors should do their own comprehensive research before making any investment decisions.
