Parnassus Investments LLC Raises Holdings in Simon Property Group, Inc. (NYSE:SPG)

Parnassus Investments LLC raised its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 718,854 shares of the real estate investment trust’s stock after purchasing an additional 8,619 shares during the period. Parnassus Investments LLC’s holdings in Simon Property Group were worth $121,501,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. EntryPoint Capital LLC bought a new position in shares of Simon Property Group during the first quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group during the 2nd quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new stake in Simon Property Group during the 2nd quarter valued at $27,000. Capital Performance Advisors LLP purchased a new position in shares of Simon Property Group in the 3rd quarter valued at $30,000. Finally, Pathway Financial Advisers LLC bought a new position in shares of Simon Property Group in the 1st quarter worth $29,000. Institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

SPG has been the topic of a number of recent research reports. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Scotiabank raised their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Trading Up 0.3 %

Shares of NYSE:SPG opened at $180.85 on Tuesday. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a 52-week low of $119.92 and a 52-week high of $182.84. The stock has a market cap of $59.01 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 10.52 and a beta of 1.74. The business has a 50-day moving average price of $171.15 and a 200-day moving average price of $159.25.

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 analysts’ consensus estimates 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 business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the business posted $3.20 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts predict that Simon Property Group, Inc. will post 12.79 EPS for the current 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. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.64%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is currently 109.19%.

Insider Activity

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

Simon Property Group Company 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.