Avestar Capital LLC Raises Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Avestar Capital LLC lifted its position in Simon Property Group, Inc. (NYSE:SPG) by 2.8% in the third quarter, Holdings Channel reports. The firm owned 2,648 shares of the real estate investment trust’s stock after buying an additional 71 shares during the period. Avestar Capital LLC’s holdings in Simon Property Group were worth $448,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Smead Capital Management Inc. lifted its holdings in shares of Simon Property Group by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,620,355 shares of the real estate investment trust’s stock worth $442,892,000 after buying an additional 88,378 shares during the period. Boston Partners raised its holdings in shares of Simon Property Group by 4.2% in the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after acquiring an additional 92,648 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Simon Property Group by 1.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,487,897 shares of the real estate investment trust’s stock worth $251,484,000 after acquiring an additional 25,519 shares during the period. Los Angeles Capital Management LLC lifted its stake in Simon Property Group by 373.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock worth $212,906,000 after acquiring an additional 993,694 shares during the period. Finally, PGGM Investments grew its holdings in Simon Property Group by 1.9% during the 2nd quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock worth $187,947,000 after acquiring an additional 23,186 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SPG shares. Scotiabank upped their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Mizuho upped their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price target for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Finally, Piper Sandler restated a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. 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, Simon Property Group currently has a consensus rating of “Hold” and an average price target of $162.78.

Insider Buying and Selling

In other news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.60% of the stock is currently owned by insiders.

Simon Property Group Trading Up 1.9 %

NYSE SPG opened at $183.48 on Wednesday. The company has a market capitalization of $59.87 billion, a PE ratio of 24.43, a P/E/G ratio of 10.51 and a beta of 1.74. The company has a fifty day moving average of $173.24 and a 200 day moving average of $160.72. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. Simon Property Group, Inc. has a 1 year low of $119.92 and a 1 year high of $183.96.

Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the business earned $3.20 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. Research analysts forecast that Simon Property Group, Inc. will post 12.79 earnings per share for the current 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 boost from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 4.58%. The ex-dividend date is Monday, December 9th. Simon Property Group’s payout ratio is currently 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.