Principal Financial Group Inc. Has $215.98 Million Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Principal Financial Group Inc. reduced its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,277,828 shares of the real estate investment trust's stock after selling 14,212 shares during the quarter. Principal Financial Group Inc. owned about 0.39% of Simon Property Group worth $215,978,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group in the 2nd quarter valued at $27,000. Capital Performance Advisors LLP acquired a new position in shares of Simon Property Group during the third quarter valued at $30,000. RFP Financial Group LLC boosted its holdings in Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 160 shares during the last quarter. Trivant Custom Portfolio Group LLC acquired a new stake in Simon Property Group in the third quarter worth about $42,000. Finally, Eastern Bank bought a new stake in Simon Property Group during the 3rd quarter worth about $42,000. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Stock Up 1.4 %

Shares of NYSE:SPG traded up $2.35 during trading on Friday, hitting $171.61. 4,857,319 shares of the company's stock traded hands, compared to its average volume of 1,466,935. The company has a 50-day moving average price of $177.29 and a 200-day moving average price of $164.45. Simon Property Group, Inc. has a 52 week low of $135.15 and a 52 week high of $186.00. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. The company has a market cap of $55.99 billion, a price-to-earnings ratio of 22.85, a price-to-earnings-growth ratio of 10.50 and a beta of 1.75.

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 analysts' consensus estimates 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 company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm posted $3.20 EPS. The business's quarterly revenue was up 4.9% compared to the same quarter last year. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.76 EPS 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. Shareholders of record on Monday, December 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date 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 111.85%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SPG shares. StockNews.com lowered shares of Simon Property Group from a "buy" rating to a "hold" rating in a research note on Thursday, October 10th. Stifel Nicolaus reiterated a "hold" rating and set a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler reaffirmed a "neutral" rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Mizuho raised their target price on Simon Property Group from $158.00 to $182.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. Finally, Truist Financial boosted their target price 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. Eight 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 stock presently has a consensus rating of "Hold" and a consensus price target of $168.40.

Insider Buying and Selling at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 8.50% of the company's stock.

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.