Balboa Wealth Partners Makes New $206,000 Investment in Simon Property Group, Inc. (NYSE:SPG)

Balboa Wealth Partners bought a new stake in Simon Property Group, Inc. (NYSE:SPG) in the 3rd quarter, HoldingsChannel reports. The firm bought 1,218 shares of the real estate investment trust’s stock, valued at approximately $206,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SPG. OneDigital Investment Advisors LLC grew its holdings in shares of Simon Property Group by 3.0% in the third quarter. OneDigital Investment Advisors LLC now owns 6,509 shares of the real estate investment trust’s stock valued at $1,100,000 after purchasing an additional 190 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its holdings in Simon Property Group by 4.8% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,594 shares of the real estate investment trust’s stock valued at $1,622,000 after purchasing an additional 436 shares during the last quarter. Metis Global Partners LLC boosted its holdings in Simon Property Group by 14.9% in the 3rd quarter. Metis Global Partners LLC now owns 44,816 shares of the real estate investment trust’s stock valued at $7,575,000 after purchasing an additional 5,809 shares during the last quarter. KBC Group NV grew its stake in shares of Simon Property Group by 250.7% in the 3rd quarter. KBC Group NV now owns 325,704 shares of the real estate investment trust’s stock valued at $55,051,000 after buying an additional 232,840 shares during the period. Finally, Huntington National Bank increased its holdings in shares of Simon Property Group by 9.5% during the 3rd quarter. Huntington National Bank now owns 60,697 shares of the real estate investment trust’s stock worth $10,259,000 after buying an additional 5,282 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Scotiabank upped their price target on 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. Mizuho raised their price objective on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Truist Financial increased their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $162.78.

Simon Property Group Stock Up 1.1 %

Shares of NYSE:SPG opened at $180.27 on Friday. The firm has a market capitalization of $58.77 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 10.45 and a beta of 1.74. Simon Property Group, Inc. has a 1 year low of $119.72 and a 1 year high of $182.84. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04. The firm’s 50-day moving average is $170.46 and its two-hundred day moving average is $158.47.

Simon Property Group (NYSE:SPG) last announced its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $3.20 earnings per share. Analysts predict that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a $2.10 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Monday, December 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 109.19%.

Insider Activity at Simon Property Group

In other news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is currently owned by company insiders.

Simon Property Group 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.