Eagle Ridge Investment Management Buys New Holdings in Simon Property Group, Inc. (NYSE:SPG)

Eagle Ridge Investment Management acquired a new position in Simon Property Group, Inc. (NYSE:SPG) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,195 shares of the real estate investment trust’s stock, valued at approximately $353,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its position in Simon Property Group by 0.7% during the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 973 shares of the real estate investment trust’s stock valued at $157,000 after purchasing an additional 7 shares during the period. Whitnell & Co. raised its position in Simon Property Group by 0.4% in the second quarter. Whitnell & Co. now owns 5,363 shares of the real estate investment trust’s stock worth $868,000 after acquiring an additional 21 shares during the period. WFG Advisors LP raised its position in Simon Property Group by 1.3% in the second quarter. WFG Advisors LP now owns 1,841 shares of the real estate investment trust’s stock worth $298,000 after acquiring an additional 23 shares during the period. Sigma Planning Corp raised its position in Simon Property Group by 1.1% in the second quarter. Sigma Planning Corp now owns 3,832 shares of the real estate investment trust’s stock worth $620,000 after acquiring an additional 40 shares during the period. Finally, Stratos Wealth Partners LTD. raised its position in Simon Property Group by 2.6% in the second quarter. Stratos Wealth Partners LTD. now owns 1,760 shares of the real estate investment trust’s stock worth $285,000 after acquiring an additional 45 shares during the period. Hedge funds and other institutional investors own 95.24% of the company’s stock.

Several research analysts have weighed in on SPG shares. Jefferies Group LLC reiterated a “buy” rating and issued a $190.00 price target on shares of Simon Property Group in a research report on Monday, July 17th. Barclays PLC reduced their price objective on shares of Simon Property Group from $191.00 to $188.00 and set an “overweight” rating for the company in a research note on Tuesday, July 18th. BidaskClub raised shares of Simon Property Group from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Boenning Scattergood set a $240.00 target price on shares of Simon Property Group and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Finally, Argus dropped their price objective on shares of Simon Property Group from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $191.45.

Simon Property Group, Inc. (SPG) traded down $3.44 during trading hours on Tuesday, reaching $160.31. 2,945,900 shares of the company’s stock traded hands, compared to its average volume of 1,826,750. The stock has a market cap of $104,762.34, a P/E ratio of 14.87, a PEG ratio of 2.20 and a beta of 0.60. Simon Property Group, Inc. has a 12 month low of $150.15 and a 12 month high of $189.25. The company has a debt-to-equity ratio of 5.57, a quick ratio of 0.93 and a current ratio of 0.93.

Simon Property Group (NYSE:SPG) last released its earnings results on Friday, October 27th. The real estate investment trust reported $2.89 earnings per share for the quarter, topping the consensus estimate of $2.88 by $0.01. Simon Property Group had a net margin of 31.96% and a return on equity of 41.85%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the firm earned $2.70 EPS. Simon Property Group’s revenue was up 3.4% compared to the same quarter last year. research analysts anticipate that Simon Property Group, Inc. will post 11.21 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be paid a dividend of $1.85 per share. This represents a $7.40 annualized dividend and a yield of 4.62%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.80. The ex-dividend date of this dividend is Wednesday, November 15th. Simon Property Group’s payout ratio is presently 126.98%.

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About Simon Property Group

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.

Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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