Empowered Funds LLC Has $7.41 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Empowered Funds LLC raised its stake in Simon Property Group, Inc. (NYSE:SPG) by 17.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 43,810 shares of the real estate investment trust’s stock after buying an additional 6,437 shares during the quarter. Empowered Funds LLC’s holdings in Simon Property Group were worth $7,405,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Simon Property Group in the second quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new position in Simon Property Group in the 1st quarter valued at $26,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Simon Property Group during the second quarter worth $27,000. RFP Financial Group LLC lifted its stake in shares of Simon Property Group by 727.3% during the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 160 shares during the period. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Simon Property Group during the first quarter valued at $29,000. 93.01% of the stock is owned by institutional investors.

Simon Property Group Trading Up 1.1 %

Shares of Simon Property Group stock opened at $180.27 on Friday. The stock has a market cap of $58.78 billion, a P/E ratio of 24.00, a P/E/G ratio of 10.52 and a beta of 1.74. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a 12-month low of $119.72 and a 12-month high of $182.84. The business’s 50 day moving average is $170.77 and its 200-day moving average is $158.84.

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

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is 109.19%.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now owns 34,301 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the subject of a number of recent research reports. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho raised their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Truist Financial lifted their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Stifel Nicolaus reiterated a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Finally, Piper Sandler restated a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $162.78.

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.