Invst LLC Sells 340 Shares of Simon Property Group, Inc. (NYSE:SPG)

Invst LLC decreased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 6.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,965 shares of the real estate investment trust’s stock after selling 340 shares during the period. Invst LLC’s holdings in Simon Property Group were worth $727,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SPG. Clearstead Trust LLC purchased a new stake in shares of Simon Property Group during the first quarter valued at $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Simon Property Group during the 2nd quarter valued at about $25,000. EntryPoint Capital LLC bought a new stake in shares of Simon Property Group in the first quarter worth approximately $26,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Simon Property Group during the second quarter valued at approximately $27,000. Finally, RFP Financial Group LLC lifted its position in Simon Property Group by 727.3% during the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 160 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG opened at $169.02 on Tuesday. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $170.87. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock has a market cap of $55.11 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 9.32 and a beta of 1.74. The business has a 50-day simple moving average of $160.99 and a two-hundred day simple moving average of $152.90.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business posted $2.88 EPS. On average, analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were issued a $2.05 dividend. The ex-dividend date was Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.85%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is currently 104.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SPG. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho upped their price objective on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Piper Sandler reissued a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Argus boosted their price target on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently 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.