Sunbelt Securities Inc. Grows Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Sunbelt Securities Inc. grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 15.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,678 shares of the real estate investment trust’s stock after buying an additional 500 shares during the quarter. Sunbelt Securities Inc.’s holdings in Simon Property Group were worth $558,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. NewEdge Advisors LLC lifted its position in shares of Simon Property Group by 14.1% during the second quarter. NewEdge Advisors LLC now owns 13,400 shares of the real estate investment trust’s stock worth $2,034,000 after purchasing an additional 1,654 shares in the last quarter. Silver Lake Advisory LLC acquired a new position in shares of Simon Property Group during the second quarter worth $377,000. Magnolia Capital Advisors LLC acquired a new position in shares of Simon Property Group during the second quarter worth $226,000. Creative Planning lifted its position in shares of Simon Property Group by 2.5% during the second quarter. Creative Planning now owns 75,982 shares of the real estate investment trust’s stock worth $11,534,000 after purchasing an additional 1,854 shares in the last quarter. Finally, Algert Global LLC lifted its position in shares of Simon Property Group by 38.0% during the second quarter. Algert Global LLC now owns 2,805 shares of the real estate investment trust’s stock worth $426,000 after purchasing an additional 772 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly 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 available through the SEC website. 8.50% of the stock is currently owned by insiders.

Simon Property Group Stock Up 0.4 %

SPG stock opened at $169.63 on Wednesday. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $170.87. The firm has a fifty day moving average price of $161.25 and a two-hundred day moving average price of $153.04. The firm has a market cap of $55.31 billion, a price-to-earnings ratio of 21.61, a PEG ratio of 9.19 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate 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%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.88 EPS. Research analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

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

Analyst Upgrades and Downgrades

SPG has been the topic of a number of recent research reports. 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, September 16th. Mizuho upped their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Scotiabank upped their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price target (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Simon Property Group has a consensus rating of “Hold” and a consensus price target 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.