Retirement Systems of Alabama Sells 7,211 Shares of Simon Property Group, Inc. (NYSE:SPG)

Retirement Systems of Alabama reduced its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 254,049 shares of the real estate investment trust's stock after selling 7,211 shares during the quarter. Retirement Systems of Alabama owned 0.08% of Simon Property Group worth $42,939,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oddo BHF Asset Management Sas bought a new stake in shares of Simon Property Group in the 3rd quarter valued at about $1,144,000. Inspire Trust Co. N.A. raised its stake in Simon Property Group by 8.7% in the third quarter. Inspire Trust Co. N.A. now owns 12,500 shares of the real estate investment trust's stock valued at $2,113,000 after buying an additional 1,000 shares during the period. Synovus Financial Corp raised its stake in Simon Property Group by 50.7% in the third quarter. Synovus Financial Corp now owns 2,607 shares of the real estate investment trust's stock valued at $440,000 after buying an additional 877 shares during the period. Blankinship & Foster LLC acquired a new stake in shares of Simon Property Group in the third quarter valued at approximately $608,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Simon Property Group during the 3rd quarter worth approximately $834,000. 93.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SPG shares. Stifel Nicolaus reaffirmed a "hold" rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Piper Sandler restated a "neutral" rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Truist Financial upped their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the company a "hold" rating in a research note on Wednesday, August 28th. StockNews.com cut shares of Simon Property Group from a "buy" rating to a "hold" rating in a report on Thursday, October 10th. Finally, Scotiabank boosted their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a "sector perform" rating in a report on Monday, August 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Simon Property Group presently has a consensus rating of "Hold" and an average price target of $165.44.

Insider Activity at Simon Property Group

In other news, Director Allan B. Hubbard acquired 370 shares of the firm's stock in a transaction that occurred 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 purchase, the director now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. 8.50% of the stock is owned by insiders.

Simon Property Group Stock Performance

Shares of NYSE:SPG traded up $2.40 on Friday, reaching $179.60. 1,462,367 shares of the company's stock were exchanged, compared to its average volume of 1,447,723. Simon Property Group, Inc. has a twelve month low of $135.15 and a twelve month high of $186.00. The company has a fifty day moving average of $176.65 and a 200-day moving average of $163.56. The company has a market capitalization of $58.60 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 10.33 and a beta of 1.75. 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 - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($1.54). The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $3.20 earnings per share. On average, research analysts predict that Simon Property Group, Inc. will post 12.76 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business 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 $2.10 dividend. The ex-dividend date is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.68%. This is a boost from Simon Property Group's previous quarterly dividend of $2.05. Simon Property Group's dividend payout ratio (DPR) is presently 111.85%.

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.