Carret Asset Management LLC Decreases Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Carret Asset Management LLC lowered its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,883 shares of the real estate investment trust’s stock after selling 70 shares during the quarter. Carret Asset Management LLC’s holdings in Simon Property Group were worth $2,177,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in SPG. Clearstead Trust LLC bought a new position in shares of Simon Property Group in the 1st quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new stake in Simon Property Group during the second quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new stake in shares of Simon Property Group in the 1st quarter valued at approximately $26,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Simon Property Group in the 2nd quarter valued at approximately $27,000. Finally, RFP Financial Group LLC boosted its holdings in shares of Simon Property Group by 727.3% in the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 160 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SPG shares. Truist Financial increased 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. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Stifel Nicolaus reiterated a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Mizuho raised their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Finally, Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $162.78.

Insider Activity

In other news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 8.50% of the company’s stock.

Simon Property Group Stock Performance

Simon Property Group stock opened at $170.52 on Friday. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market capitalization of $55.58 billion, a PE ratio of 21.72, a P/E/G ratio of 9.58 and a beta of 1.74. The company has a 50 day moving average price of $167.66 and a 200-day moving average price of $155.45. Simon Property Group, Inc. has a fifty-two week low of $104.05 and a fifty-two week high of $177.08.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the business earned $2.88 earnings per share. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, equities analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were given a $2.05 dividend. This represents a $8.20 annualized dividend and a dividend yield of 4.81%. The ex-dividend date of this dividend was Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is presently 104.46%.

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.