Oppenheimer Asset Management Inc. Decreases Holdings in Simon Property Group, Inc. (NYSE:SPG)

Oppenheimer Asset Management Inc. trimmed its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,794 shares of the real estate investment trust’s stock after selling 635 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Simon Property Group were worth $3,008,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SPG. Orion Portfolio Solutions LLC increased its stake in Simon Property Group by 1.3% in the 1st quarter. Orion Portfolio Solutions LLC now owns 9,338 shares of the real estate investment trust’s stock worth $1,461,000 after purchasing an additional 121 shares during the period. Banco Santander S.A. purchased a new position in Simon Property Group in the 1st quarter worth approximately $443,000. M&G Plc purchased a new position in Simon Property Group in the 1st quarter worth approximately $4,654,000. Clearstead Trust LLC purchased a new position in Simon Property Group in the 1st quarter worth approximately $25,000. Finally, Vanguard Group Inc. increased its stake in Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after purchasing an additional 672,941 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Trading Up 1.1 %

NYSE SPG opened at $180.27 on Friday. 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, Inc. has a twelve month low of $119.72 and a twelve month high of $182.84. The firm has a market capitalization of $58.77 billion, a PE ratio of 24.00, a P/E/G ratio of 10.45 and a beta of 1.74. The stock’s 50 day moving average is $170.46 and its 200 day moving average is $158.47.

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 net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the firm earned $3.20 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Research analysts forecast 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 declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 4.66%. Simon Property Group’s payout ratio is currently 109.19%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SPG has been the topic of a number of analyst reports. Truist Financial lifted their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Scotiabank lifted their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Piper Sandler reissued a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Mizuho boosted their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research note 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 stock. Based on data from MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and an average price target of $162.78.

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.