OVERSEA CHINESE BANKING Corp Ltd Boosts Holdings in Simon Property Group, Inc. (NYSE:SPG)

OVERSEA CHINESE BANKING Corp Ltd boosted its position in Simon Property Group, Inc. (NYSE:SPG) by 30.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,738 shares of the real estate investment trust’s stock after purchasing an additional 16,670 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Simon Property Group were worth $11,956,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Inspire Advisors LLC boosted its stake in shares of Simon Property Group by 1.6% during the 3rd quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock valued at $696,000 after purchasing an additional 65 shares in the last quarter. Diligent Investors LLC boosted its stake in shares of Simon Property Group by 0.5% during the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after purchasing an additional 68 shares in the last quarter. Augustine Asset Management Inc. boosted its stake in shares of Simon Property Group by 3.8% during the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after purchasing an additional 68 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in shares of Simon Property Group by 1.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after purchasing an additional 68 shares in the last quarter. Finally, TIAA Trust National Association boosted its stake in shares of Simon Property Group by 3.7% during the 1st quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after purchasing an additional 69 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Truist Financial lifted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Piper Sandler reissued a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Mizuho boosted 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. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $162.78.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 8.50% of the company’s stock.

Simon Property Group Stock Up 1.3 %

Shares of Simon Property Group stock opened at $181.34 on Tuesday. The company has a market cap of $59.12 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 10.44 and a beta of 1.74. The company’s 50 day moving average is $169.61 and its 200 day moving average is $157.93. Simon Property Group, Inc. has a twelve month low of $113.46 and a twelve month high of $181.86. 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 (NYSE:SPG) last released its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share 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 business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the business posted $3.20 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. Research analysts anticipate 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 $2.10 dividend. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a yield of 4.63%. Simon Property Group’s dividend payout ratio (DPR) is presently 109.19%.

About Simon Property Group

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.