Canopy Partners LLC Takes Position in Simon Property Group, Inc. (NYSE:SPG)

Canopy Partners LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,284 shares of the real estate investment trust’s stock, valued at approximately $217,000.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Scotiabank increased 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. Truist Financial lifted their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Mizuho upped their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. 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 MarketBeat.com, the company has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Stock Performance

Simon Property Group stock opened at $181.14 on Friday. Simon Property Group, Inc. has a 1-year low of $119.92 and a 1-year high of $183.96. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm has a market capitalization of $59.10 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 10.61 and a beta of 1.74. The firm’s 50 day simple moving average is $172.55 and its 200 day simple moving average is $160.08.

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). The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $3.20 EPS. As a group, analysts expect that Simon Property Group, Inc. will post 12.79 earnings per share 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. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction dated Monday, September 30th. The shares were purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following 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 acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 8.50% of the stock is owned by insiders.

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.