Avestar Capital LLC Purchases 71 Shares of Simon Property Group, Inc. (NYSE:SPG)

Avestar Capital LLC boosted its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,648 shares of the real estate investment trust’s stock after buying an additional 71 shares during the period. Avestar Capital LLC’s holdings in Simon Property Group were worth $448,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SPG. Truvestments Capital LLC grew its position in shares of Simon Property Group by 1.0% during the third quarter. Truvestments Capital LLC now owns 22,958 shares of the real estate investment trust’s stock worth $3,880,000 after purchasing an additional 221 shares in the last quarter. DRW Securities LLC bought a new position in Simon Property Group in the 3rd quarter worth approximately $287,000. Summit Trail Advisors LLC grew its holdings in Simon Property Group by 19.3% during the 3rd quarter. Summit Trail Advisors LLC now owns 4,442 shares of the real estate investment trust’s stock valued at $751,000 after buying an additional 718 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Simon Property Group by 12.2% during the third quarter. Larson Financial Group LLC now owns 3,503 shares of the real estate investment trust’s stock valued at $592,000 after buying an additional 381 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its holdings in shares of Simon Property Group by 17.2% in the third quarter. Penserra Capital Management LLC now owns 9,646 shares of the real estate investment trust’s stock worth $1,629,000 after buying an additional 1,413 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on SPG. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Scotiabank boosted their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Truist Financial raised their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Finally, Mizuho raised their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $162.78.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the business’s stock in a transaction on Monday, September 30th. The shares were bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 8.60% of the company’s stock.

Simon Property Group Stock Up 1.9 %

Shares of SPG opened at $183.48 on Wednesday. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The business has a fifty day moving average of $173.24 and a 200 day moving average of $160.72. The company has a market cap of $59.87 billion, a PE ratio of 24.43, a P/E/G ratio of 10.51 and a beta of 1.74. Simon Property Group, Inc. has a 52-week low of $119.92 and a 52-week high of $183.96.

Simon Property Group (NYSE:SPG) last released its 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). The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate 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 revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.20 EPS. On average, sell-side analysts expect that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a dividend of $2.10 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.58%. Simon Property Group’s dividend payout ratio is currently 109.19%.

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.