Invst LLC Sells 141 Shares of Simon Property Group, Inc. (NYSE:SPG)

Invst LLC cut its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,824 shares of the real estate investment trust’s stock after selling 141 shares during the quarter. Invst LLC’s holdings in Simon Property Group were worth $815,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SPG. Wealth Enhancement Advisory Services LLC lifted its position in Simon Property Group by 11.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after purchasing an additional 3,626 shares during the last quarter. Red Cedar Investment Management LLC raised its position in shares of Simon Property Group by 153.2% during the 3rd quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock valued at $2,973,000 after buying an additional 10,644 shares in the last quarter. TTP Investments Inc. lifted its holdings in shares of Simon Property Group by 42.0% in the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock valued at $5,796,000 after acquiring an additional 10,147 shares during the last quarter. Forte Capital LLC ADV purchased a new position in Simon Property Group in the third quarter worth about $630,000. Finally, Radnor Capital Management LLC bought a new stake in Simon Property Group during the third quarter worth approximately $1,602,000. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Down 1.6 %

Shares of Simon Property Group stock opened at $179.19 on Wednesday. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market cap of $58.47 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 10.75 and a beta of 1.75. The firm’s 50-day moving average is $175.92 and its two-hundred day moving average is $162.93. Simon Property Group, Inc. has a 1 year low of $132.24 and a 1 year high of $186.00.

Simon Property Group (NYSE:SPG) last announced 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). The business had revenue of $1.48 billion during 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%. Simon Property Group’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.20 EPS. As a group, research analysts expect that Simon Property Group, Inc. will post 12.76 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced 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. This represents a $8.40 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend is Monday, December 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Stifel Nicolaus restated a “hold” rating and set a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial boosted 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. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Piper Sandler reissued a “neutral” rating and issued a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and an average target price of $165.44.

Insider Activity

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