Lake Street Advisors Group LLC Has $1.17 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Lake Street Advisors Group LLC trimmed its stake in Simon Property Group, Inc. (NYSE:SPG) by 64.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,927 shares of the real estate investment trust’s stock after selling 12,446 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Simon Property Group were worth $1,171,000 as of its most recent SEC filing.

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

Simon Property Group Stock Performance

NYSE SPG opened at $170.54 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 $55.59 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 9.58 and a beta of 1.74. Simon Property Group, Inc. has a 52-week low of $104.05 and a 52-week high of $177.08. The company has a 50-day simple moving average of $167.38 and a 200 day simple moving average of $155.27.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period last year, the firm posted $2.88 EPS. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, research analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were issued a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.81%. Simon Property Group’s dividend payout ratio is 104.46%.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on SPG. Scotiabank boosted their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Stifel Nicolaus reiterated a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Mizuho upped their target price 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, StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Hold” and an average price target of $162.78.

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.