Simon Property Group, Inc. (NYSE:SPG) Stake Cut by L & S Advisors Inc

L & S Advisors Inc cut its stake in Simon Property Group, Inc. (NYSE:SPG) by 14.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,949 shares of the real estate investment trust’s stock after selling 6,976 shares during the period. L & S Advisors Inc’s holdings in Simon Property Group were worth $6,752,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC acquired a new position in shares of Simon Property Group during the second quarter valued at $25,000. EntryPoint Capital LLC acquired a new position in Simon Property Group during the first quarter worth about $26,000. Wetzel Investment Advisors Inc. acquired a new position in Simon Property Group during the second quarter worth about $27,000. RFP Financial Group LLC grew its holdings in Simon Property Group by 727.3% during the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 160 shares during the period. Finally, Pathway Financial Advisers LLC acquired a new position in Simon Property Group during the first quarter worth about $29,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Price Performance

Shares of SPG stock opened at $180.91 on Thursday. 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 $119.92 and a 52 week high of $182.84. The stock has a market capitalization of $59.03 billion, a PE ratio of 24.09, a PEG ratio of 10.57 and a beta of 1.74. The stock’s fifty day moving average is $171.85 and its 200-day moving average is $159.67.

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 for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the company posted $3.20 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts expect that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal 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 issued a $2.10 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio is 109.19%.

Analyst Ratings Changes

SPG has been the topic of a number of research analyst reports. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price target for the company from $160.00 to $172.00 in a research report on Monday, September 16th. 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 research report on Wednesday, August 28th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $162.78.

Insiders Place Their Bets

In other news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.50% 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.