Quarry LP Buys 320 Shares of Simon Property Group, Inc. (NYSE:SPG)

Quarry LP boosted its stake in Simon Property Group, Inc. (NYSE:SPG) by 99.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 641 shares of the real estate investment trust’s stock after acquiring an additional 320 shares during the period. Quarry LP’s holdings in Simon Property Group were worth $97,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Scotia Capital Inc. increased its position in shares of Simon Property Group by 14.0% during the fourth quarter. Scotia Capital Inc. now owns 7,397 shares of the real estate investment trust’s stock worth $1,055,000 after buying an additional 910 shares during the period. Bank of Nova Scotia boosted its position in Simon Property Group by 33.5% during the fourth quarter. Bank of Nova Scotia now owns 40,496 shares of the real estate investment trust’s stock valued at $5,776,000 after acquiring an additional 10,162 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Simon Property Group by 4.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 276,617 shares of the real estate investment trust’s stock valued at $39,457,000 after acquiring an additional 11,933 shares during the last quarter. NEOS Investment Management LLC grew its holdings in Simon Property Group by 46.2% during the 4th quarter. NEOS Investment Management LLC now owns 4,400 shares of the real estate investment trust’s stock worth $628,000 after acquiring an additional 1,391 shares during the period. Finally, Rafferty Asset Management LLC raised its position in shares of Simon Property Group by 19.7% in the 4th quarter. Rafferty Asset Management LLC now owns 43,752 shares of the real estate investment trust’s stock worth $6,241,000 after acquiring an additional 7,207 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SPG shares. Truist Financial upped their target price on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Stifel Nicolaus restated a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Scotiabank lifted their price objective 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. Argus boosted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Six research 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 has a consensus rating of “Hold” and an average target price of $162.78.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

Shares of SPG opened at $169.63 on Wednesday. The business’s fifty day moving average is $161.25 and its 200 day moving average is $153.04. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month 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 $55.31 billion, a P/E ratio of 21.61, a P/E/G ratio of 9.19 and a beta of 1.74.

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

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were paid a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.83%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is 104.46%.

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.