Simon Property Group, Inc. (NYSE:SPG) Director Allan B. Hubbard Acquires 370 Shares

Simon Property Group, Inc. (NYSE:SPG) Director Allan B. Hubbard purchased 370 shares of the business’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Simon Property Group Stock Performance

Shares of SPG stock traded down $0.03 during trading hours on Tuesday, hitting $168.99. 654,222 shares of the company were exchanged, compared to its average volume of 1,484,552. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $170.87. 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 fifty day simple moving average of $160.99 and a 200 day simple moving average of $152.90. The stock has a market capitalization of $55.10 billion, a price-to-earnings ratio of 21.33, a P/E/G ratio of 9.19 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results 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). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the company posted $2.88 EPS. The firm’s revenue was up 4.8% compared to the same quarter last year. 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 firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were paid a $2.05 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 4.85%. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

Institutional Trading of Simon Property Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new stake in Simon Property Group during the 2nd quarter valued at $4,742,000. EP Wealth Advisors LLC bought a new stake in shares of Simon Property Group during the 2nd quarter valued at $218,000. Quarry LP lifted its holdings in Simon Property Group by 99.7% during the 2nd quarter. Quarry LP now owns 641 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 320 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in Simon Property Group by 15.7% in the 2nd quarter. Sunbelt Securities Inc. now owns 3,678 shares of the real estate investment trust’s stock worth $558,000 after purchasing an additional 500 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Simon Property Group by 14.1% during the 2nd quarter. NewEdge Advisors LLC now owns 13,400 shares of the real estate investment trust’s stock valued at $2,034,000 after buying an additional 1,654 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPG. Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Argus lifted 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. Truist Financial increased their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Scotiabank raised their price objective on 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. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $162.78.

About Simon Property Group

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.