Graypoint LLC Increases Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Graypoint LLC raised its position in Simon Property Group, Inc. (NYSE:SPG) by 9.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,303 shares of the real estate investment trust’s stock after buying an additional 289 shares during the period. Graypoint LLC’s holdings in Simon Property Group were worth $558,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SPG. International Assets Investment Management LLC raised its stake in shares of Simon Property Group by 18,764.1% during the 3rd quarter. International Assets Investment Management LLC now owns 892,085 shares of the real estate investment trust’s stock worth $150,780,000 after buying an additional 887,356 shares during the period. Vanguard Group Inc. raised its position in Simon Property Group by 1.5% during the first quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after acquiring an additional 672,941 shares during the period. Strategic Financial Concepts LLC lifted its holdings in Simon Property Group by 16,795.2% during the second quarter. Strategic Financial Concepts LLC now owns 424,070 shares of the real estate investment trust’s stock valued at $64,374,000 after purchasing an additional 421,560 shares in the last quarter. Castle Hook Partners LP grew its position in shares of Simon Property Group by 182.0% in the first quarter. Castle Hook Partners LP now owns 480,692 shares of the real estate investment trust’s stock valued at $75,223,000 after purchasing an additional 310,207 shares during the period. Finally, Los Angeles Capital Management LLC increased its stake in shares of Simon Property Group by 5,778.7% during the second quarter. Los Angeles Capital Management LLC now owns 265,954 shares of the real estate investment trust’s stock worth $40,372,000 after purchasing an additional 261,430 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of research reports. Mizuho raised their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Stifel Nicolaus restated 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. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Scotiabank increased 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. Finally, Truist Financial lifted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $162.78.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Trading Up 1.9 %

Shares of SPG opened at $179.04 on Friday. Simon Property Group, Inc. has a 12-month low of $113.40 and a 12-month high of $179.46. The firm has a market capitalization of $58.37 billion, a P/E ratio of 23.84, a P/E/G ratio of 9.89 and a beta of 1.74. The firm has a 50-day moving average price of $169.33 and a 200 day moving average price of $157.46. The company has a current ratio of 2.00, a quick ratio of 2.04 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the company earned $3.20 EPS. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.81 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a $2.10 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.69%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is currently 109.19%.

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.