Invst LLC Lowers Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Invst LLC lessened its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,824 shares of the real estate investment trust’s stock after selling 141 shares during the period. Invst LLC’s holdings in Simon Property Group were worth $815,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPG. Wealth Enhancement Advisory Services LLC grew its holdings in Simon Property Group by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after purchasing an additional 3,626 shares during the period. Red Cedar Investment Management LLC boosted its position in shares of Simon Property Group by 153.2% in the 3rd quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after purchasing an additional 10,644 shares in the last quarter. TTP Investments Inc. grew its stake in shares of Simon Property Group by 42.0% in the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after buying an additional 10,147 shares during the last quarter. Forte Capital LLC ADV bought a new position in Simon Property Group during the 3rd quarter valued at approximately $630,000. Finally, Radnor Capital Management LLC purchased a new position in Simon Property Group during the third quarter valued at $1,602,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

NYSE:SPG opened at $179.19 on Wednesday. The stock has a 50-day simple moving average of $175.92 and a two-hundred day simple moving average of $162.93. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. Simon Property Group, Inc. has a 52-week low of $132.24 and a 52-week high of $186.00. The firm has a market capitalization of $58.47 billion, a PE ratio of 23.86, a P/E/G ratio of 10.75 and a beta of 1.75.

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). 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 during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the company posted $3.20 earnings per share. The company’s revenue was up 4.9% compared to the same quarter last year. Analysts forecast that Simon Property Group, Inc. will post 12.76 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 4.69%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 109.19%.

Insider Buying and Selling

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 bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on SPG. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho increased their price objective on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Truist Financial lifted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $165.44.

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.