Fifth Third Wealth Advisors LLC Has $601,000 Stake in Simon Property Group, Inc. (NYSE:SPG)

Fifth Third Wealth Advisors LLC increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,554 shares of the real estate investment trust’s stock after buying an additional 120 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Simon Property Group were worth $601,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in shares of Simon Property Group during the 2nd quarter valued at $25,000. EntryPoint Capital LLC acquired a new position in Simon Property Group in the first quarter valued at about $26,000. Wetzel Investment Advisors Inc. bought a new stake in Simon Property Group during the second quarter worth about $27,000. RFP Financial Group LLC grew its stake 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 worth $28,000 after buying an additional 160 shares in the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Simon Property Group in the 1st quarter valued at about $29,000. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SPG. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Piper Sandler reaffirmed 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. Scotiabank upped their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Mizuho lifted their target price 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. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently 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 Simon Property Group stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost 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 approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 8.60% of the stock is owned by corporate insiders.

Simon Property Group Stock Down 0.2 %

NYSE:SPG opened at $180.91 on Thursday. Simon Property Group, Inc. has a one year low of $119.92 and a one year high of $182.84. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The company has a market cap of $59.03 billion, a PE ratio of 24.09, a P/E/G ratio of 10.52 and a beta of 1.74. The firm’s 50 day simple moving average is $171.85 and its 200 day simple moving average is $159.67.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $3.20 EPS. On average, research analysts anticipate that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a $2.10 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.64%. Simon Property Group’s dividend payout ratio is presently 109.19%.

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.