Simon Property Group, Inc. (NYSE:SPG) Stake Reduced by State Street Corp

State Street Corp lessened its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,061,275 shares of the real estate investment trust's stock after selling 350,514 shares during the quarter. State Street Corp owned about 6.46% of Simon Property Group worth $3,559,777,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Simon Property Group by 617.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,191,296 shares of the real estate investment trust's stock valued at $539,393,000 after purchasing an additional 2,746,503 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Simon Property Group by 373.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust's stock worth $212,906,000 after buying an additional 993,694 shares in the last quarter. International Assets Investment Management LLC boosted its position in Simon Property Group by 18,764.1% in the 3rd quarter. International Assets Investment Management LLC now owns 892,085 shares of the real estate investment trust's stock valued at $150,780,000 after buying an additional 887,356 shares during the last quarter. Mizuho Securities USA LLC grew its stake in shares of Simon Property Group by 2,520.3% during the third quarter. Mizuho Securities USA LLC now owns 658,191 shares of the real estate investment trust's stock valued at $111,247,000 after acquiring an additional 633,072 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in shares of Simon Property Group by 295.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 655,300 shares of the real estate investment trust's stock worth $110,759,000 after acquiring an additional 489,519 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Analysts Set New Price Targets

SPG has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a "hold" rating in a research note on Wednesday, August 28th. Piper Sandler reissued a "neutral" rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Evercore ISI upgraded shares of Simon Property Group from an "in-line" rating to an "outperform" rating and lifted their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Stifel Nicolaus reiterated a "hold" rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Finally, StockNews.com lowered Simon Property Group from a "buy" rating to a "hold" rating in a report on Thursday, October 10th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Simon Property Group has a consensus rating of "Hold" and an average price target of $165.44.

Simon Property Group Stock Performance

Shares of NYSE:SPG traded up $1.93 during trading on Friday, hitting $183.81. 1,418,853 shares of the company traded hands, compared to its average volume of 1,443,126. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The business's fifty day moving average is $175.34 and its 200-day moving average is $162.19. The stock has a market capitalization of $59.97 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 10.55 and a beta of 1.75. Simon Property Group, Inc. has a one year low of $129.08 and a one year high of $186.00.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts' consensus estimates of $3.00 by ($1.54). The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group's quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.20 earnings per share. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.78 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. Shareholders of record on Monday, December 9th will be paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.57%. This is a positive change from Simon Property Group's previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. Simon Property Group's payout ratio is presently 109.19%.

Insiders Place Their Bets

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. 8.50% of the stock is owned by insiders.

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.