Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its stake in Simon Property Group, Inc. (NYSE:SPG) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 66,777 shares of the real estate investment trust’s stock after selling 1,125 shares during the period. Amalgamated Bank’s holdings in Simon Property Group were worth $10,137,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SPG. Diligent Investors LLC lifted its position in Simon Property Group by 0.5% during the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after buying an additional 68 shares in the last quarter. Augustine Asset Management Inc. lifted its holdings in shares of Simon Property Group by 3.8% during the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 68 shares in the last quarter. TIAA Trust National Association boosted its position in Simon Property Group by 3.7% during the 1st quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after purchasing an additional 69 shares during the period. Inspire Advisors LLC increased its holdings in Simon Property Group by 1.7% in the 1st quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock valued at $646,000 after purchasing an additional 70 shares in the last quarter. Finally, Capital Advisors Ltd. LLC raised its position in Simon Property Group by 26.9% in the second quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 73 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the acquisition, the director now owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The acquisition was disclosed in a filing with the SEC, which is available at this link. 8.50% of the stock is currently owned by company insiders.

Simon Property Group Price Performance

SPG stock opened at $164.35 on Thursday. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The firm has a 50 day simple moving average of $158.49 and a 200-day simple moving average of $151.92. The company has a market capitalization of $53.57 billion, a P/E ratio of 20.94, a PEG ratio of 8.97 and a beta of 1.74. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $169.18.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. Simon Property Group’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.88 earnings per share. On average, equities research analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.99%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is presently 104.46%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a research report on Monday. Scotiabank upped their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group has an average rating of “Hold” and an average target price 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.