Geode Capital Management LLC trimmed its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,929,260 shares of the real estate investment trust's stock after selling 205,684 shares during the quarter. Geode Capital Management LLC owned approximately 2.74% of Simon Property Group worth $1,507,568,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Aptus Capital Advisors LLC lifted its holdings in Simon Property Group by 3.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust's stock valued at $273,000 after purchasing an additional 61 shares during the last quarter. Inspire Advisors LLC boosted its holdings in shares of Simon Property Group by 1.6% during the 3rd quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust's stock worth $696,000 after buying an additional 65 shares during the period. Groupama Asset Managment grew its stake in shares of Simon Property Group by 0.9% in the third quarter. Groupama Asset Managment now owns 7,721 shares of the real estate investment trust's stock valued at $1,305,000 after acquiring an additional 67 shares in the last quarter. Augustine Asset Management Inc. increased its position in shares of Simon Property Group by 3.8% in the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust's stock worth $282,000 after purchasing an additional 68 shares during the period. Finally, Bleakley Financial Group LLC boosted its stake in Simon Property Group by 1.1% in the third quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust's stock valued at $1,044,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.
Simon Property Group Trading Down 1.5 %
Shares of Simon Property Group stock traded down $2.65 on Wednesday, reaching $176.58. The company had a trading volume of 1,776,959 shares, compared to its average volume of 1,447,467. The firm has a market cap of $57.61 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 10.75 and a beta of 1.75. The firm's 50-day moving average price is $176.12 and its two-hundred day moving average price is $163.15. Simon Property Group, Inc. has a 1 year low of $133.11 and a 1 year high of $186.00. 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 released its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts' consensus estimates 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 net margin of 43.36% and a return on equity of 76.21%. The firm's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.20 earnings per share. As a group, research analysts predict that Simon Property Group, Inc. will post 12.76 earnings per share for the current fiscal 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 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 yield of 4.76%. This is a positive change from Simon Property Group's previous quarterly dividend of $2.05. Simon Property Group's dividend payout ratio is currently 109.19%.
Insiders Place Their Bets
In related news, Director Allan B. Hubbard bought 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 completion of the purchase, the director now directly owns 34,301 shares of the company's stock, valued at $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.60% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the stock. Scotiabank raised 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 report on Monday, August 26th. Evercore ISI raised shares of Simon Property Group from an "in-line" rating to an "outperform" rating and lifted their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. 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. Mizuho increased their target price on Simon Property Group from $158.00 to $182.00 and gave the stock a "neutral" rating in a research report on Wednesday, December 4th. Finally, Piper Sandler reiterated a "neutral" rating and issued 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 given a buy rating to the company's stock. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of "Hold" and a consensus price target of $165.44.
Check Out Our Latest Report on SPG
Simon Property Group Company Profile
(
Free Report)
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.
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