Congress Wealth Management LLC DE Has $666,000 Stake in Simon Property Group, Inc. (NYSE:SPG)

Posted by on Jun 28th, 2023

Congress Wealth Management LLC DE grew its holdings in Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 6.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,948 shares of the real estate investment trust’s stock after purchasing an additional 382 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Simon Property Group were worth $666,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. New England Capital Financial Advisors LLC acquired a new position in Simon Property Group during the 4th quarter worth about $25,000. Muzinich & Co. Inc. bought a new position in shares of Simon Property Group in the fourth quarter worth about $25,000. US Asset Management LLC acquired a new position in shares of Simon Property Group during the fourth quarter worth approximately $26,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in shares of Simon Property Group during the first quarter valued at approximately $27,000. Finally, Financial Freedom LLC acquired a new stake in shares of Simon Property Group in the fourth quarter valued at approximately $27,000. Institutional investors own 85.58% of the company’s stock.

Insiders Place Their Bets

In other Simon Property Group news, Director Karen N. Horn purchased 551 shares of the stock in a transaction on Friday, March 31st. The stock was bought at an average cost of $109.33 per share, for a total transaction of $60,240.83. Following the completion of the acquisition, the director now directly owns 34,079 shares of the company’s stock, valued at $3,725,857.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.58% of the company’s stock.

Simon Property Group Trading Up 1.8 %

SPG opened at $113.07 on Wednesday. The firm’s fifty day moving average is $108.27 and its two-hundred day moving average is $114.55. The firm has a market cap of $36.97 billion, a PE ratio of 17.13, a price-to-earnings-growth ratio of 2.70 and a beta of 1.51. Simon Property Group, Inc. has a twelve month low of $86.02 and a twelve month high of $133.08. The company has a debt-to-equity ratio of 7.50, a quick ratio of 1.43 and a current ratio of 1.43.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 9th will be issued a dividend of $1.85 per share. The ex-dividend date is Thursday, June 8th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.80. This represents a $7.40 annualized dividend and a yield of 6.54%. Simon Property Group’s payout ratio is currently 112.12%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Mizuho lowered their target price on Simon Property Group from $116.00 to $106.00 in a research note on Friday, May 26th. The Goldman Sachs Group assumed coverage on Simon Property Group in a research report on Tuesday, March 21st. They issued a “buy” rating and a $150.00 price objective for the company. StockNews.com began coverage on shares of Simon Property Group in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Stifel Nicolaus lowered their price target on shares of Simon Property Group from $135.00 to $129.50 in a research report on Wednesday, May 3rd. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and an average target price of $124.68.

About Simon Property Group

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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.

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

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