Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC grew its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 14.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 893,411 shares of the real estate investment trust's stock after buying an additional 111,933 shares during the period. HighTower Advisors LLC owned approximately 0.27% of Simon Property Group worth $151,049,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the business's stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, with a total value 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. This trade represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 8.60% of the company's stock.

Simon Property Group Stock Performance

NYSE:SPG traded down $0.74 during trading hours on Tuesday, reaching $180.63. The company had a trading volume of 1,253,728 shares, compared to its average volume of 1,443,996. The firm has a market cap of $58.94 billion, a PE ratio of 24.04, a price-to-earnings-growth ratio of 10.59 and a beta of 1.75. Simon Property Group, Inc. has a 1-year low of $127.60 and a 1-year high of $186.00. The business's 50 day moving average price is $174.30 and its 200-day moving average price is $161.46. 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 (NYSE:SPG - Get Free Report) last announced 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 business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same quarter in the prior year, the firm earned $3.20 EPS. Simon Property Group's revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts forecast that Simon Property Group, Inc. will post 12.78 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 4.65%. The ex-dividend date of this dividend is Monday, December 9th. This is a boost from Simon Property Group's previous quarterly dividend of $2.05. Simon Property Group's dividend payout ratio is currently 109.19%.

Analyst Ratings Changes

Several analysts have commented on SPG shares. Evercore ISI raised shares of 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 report on Monday, September 16th. StockNews.com downgraded Simon Property Group from a "buy" rating to a "hold" rating in a research report on Thursday, October 10th. 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. Stifel Nicolaus reaffirmed a "hold" rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Finally, Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a "neutral" rating in a research note on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $162.78.

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.