Cerity Partners LLC Acquires 14,893 Shares of Simon Property Group, Inc. (NYSE:SPG)

Cerity Partners LLC boosted its holdings in Simon Property Group, Inc. (NYSE:SPG) by 45.9% during the third quarter, Holdings Channel.com reports. The fund owned 47,364 shares of the real estate investment trust’s stock after buying an additional 14,893 shares during the quarter. Cerity Partners LLC’s holdings in Simon Property Group were worth $8,006,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of SPG. EntryPoint Capital LLC purchased a new stake in Simon Property Group during the 1st quarter valued at $26,000. Silvercrest Asset Management Group LLC bought a new stake in shares of Simon Property Group during the first quarter valued at approximately $208,000. B. Riley Wealth Advisors Inc. lifted its stake in Simon Property Group by 16.7% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 10,980 shares of the real estate investment trust’s stock worth $1,718,000 after purchasing an additional 1,574 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Simon Property Group by 19.5% in the first quarter. Tidal Investments LLC now owns 12,849 shares of the real estate investment trust’s stock worth $2,006,000 after buying an additional 2,099 shares in the last quarter. Finally, iA Global Asset Management Inc. boosted its holdings in shares of Simon Property Group by 29.0% in the 1st quarter. iA Global Asset Management Inc. now owns 9,767 shares of the real estate investment trust’s stock worth $1,528,000 after purchasing an additional 2,195 shares during the period. Institutional investors own 93.01% of the company’s stock.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.60% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $183.75 on Thursday. The firm has a market cap of $59.95 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 10.51 and a beta of 1.74. Simon Property Group, Inc. has a 52-week low of $120.50 and a 52-week high of $186.00. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The company’s 50 day moving average is $173.63 and its 200 day moving average is $160.88.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The company 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 company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.20 earnings per share. On average, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be issued a $2.10 dividend. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.57%. Simon Property Group’s payout ratio is currently 109.19%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SPG shares. Piper Sandler restated 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. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Truist Financial upped their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Finally, Scotiabank upped their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Company 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.