Investment Management Corp of Ontario Sells 1,688 Shares of Simon Property Group, Inc. (NYSE:SPG)

Investment Management Corp of Ontario decreased its position in Simon Property Group, Inc. (NYSE:SPG) by 3.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 51,193 shares of the real estate investment trust’s stock after selling 1,688 shares during the period. Investment Management Corp of Ontario’s holdings in Simon Property Group were worth $8,653,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Cetera Investment Advisers boosted its stake in Simon Property Group by 145.4% during the first quarter. Cetera Investment Advisers now owns 62,605 shares of the real estate investment trust’s stock worth $9,797,000 after buying an additional 37,093 shares during the last quarter. Cetera Advisors LLC raised its position in Simon Property Group by 210.5% during the first quarter. Cetera Advisors LLC now owns 19,936 shares of the real estate investment trust’s stock worth $3,120,000 after acquiring an additional 13,515 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Simon Property Group by 12.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,188 shares of the real estate investment trust’s stock valued at $180,000 after buying an additional 129 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Simon Property Group in the 2nd quarter worth approximately $30,000. Finally, CWM LLC increased its position in shares of Simon Property Group by 21.7% during the second quarter. CWM LLC now owns 9,080 shares of the real estate investment trust’s stock valued at $1,378,000 after buying an additional 1,621 shares during the period. Institutional investors own 93.01% of the company’s stock.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The stock was bought 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 of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 8.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SPG shares. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Scotiabank increased their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Truist Financial raised their price target 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. 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, the company presently has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Price Performance

Shares of SPG opened at $181.39 on Tuesday. Simon Property Group, Inc. has a 1-year low of $127.60 and a 1-year high of $186.00. The firm has a market cap of $59.18 billion, a PE ratio of 24.15, a P/E/G ratio of 10.72 and a beta of 1.75. The firm has a fifty day simple moving average of $174.30 and a two-hundred day simple moving average of $161.46. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last announced its 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 for 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%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm earned $3.20 earnings per share. On average, equities analysts anticipate that Simon Property Group, Inc. will post 12.78 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.63%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is currently 109.19%.

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.