Dai ichi Life Insurance Company Ltd Sells 983 Shares of Simon Property Group, Inc. (NYSE:SPG)

Dai ichi Life Insurance Company Ltd lowered its position in Simon Property Group, Inc. (NYSE:SPG) by 5.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,809 shares of the real estate investment trust’s stock after selling 983 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Simon Property Group were worth $2,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Opal Wealth Advisors LLC purchased a new position in Simon Property Group during the 2nd quarter valued at $25,000. EntryPoint Capital LLC purchased a new stake in shares of Simon Property Group during the first quarter valued at $26,000. Wetzel Investment Advisors Inc. bought a new position in shares of Simon Property Group in the second quarter worth about $27,000. RFP Financial Group LLC increased its stake in 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 buying an additional 160 shares during the period. Finally, Pathway Financial Advisers LLC bought a new stake in Simon Property Group during the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of research reports. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Mizuho upped their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Truist Financial increased 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. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company 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 Simon Property Group stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 1.09 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.60% of the stock is currently owned by insiders.

Simon Property Group Price Performance

Shares of SPG opened at $183.48 on Wednesday. The company has a 50 day moving average of $173.24 and a two-hundred day moving average of $160.72. The company has a market cap of $59.87 billion, a price-to-earnings ratio of 24.43, a price-to-earnings-growth ratio of 10.51 and a beta of 1.74. 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 twelve month low of $119.92 and a twelve month high of $183.96.

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). The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.20 EPS. As a group, analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a $2.10 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. 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 4.58%. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

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.