Envestnet Asset Management Inc. Has $57.46 Million Holdings in Simon Property Group, Inc. (NYSE:SPG)

Envestnet Asset Management Inc. cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 378,529 shares of the real estate investment trust’s stock after selling 4,237 shares during the quarter. Envestnet Asset Management Inc. owned about 0.12% of Simon Property Group worth $57,461,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Clearstead Trust LLC acquired a new stake in shares of Simon Property Group during the first quarter worth $25,000. Opal Wealth Advisors LLC bought a new position in Simon Property Group during the second quarter worth $25,000. EntryPoint Capital LLC bought a new position in Simon Property Group during the first quarter worth $26,000. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group during the second quarter worth $27,000. Finally, Cape Investment Advisory Inc. boosted its stake in Simon Property Group by 3,200.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 192 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on SPG shares. Truist Financial increased 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. Argus increased their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Stifel Nicolaus reissued a “hold” rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Finally, Scotiabank increased 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. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Simon Property Group presently has a consensus rating of “Hold” and an average target price of $162.78.

Simon Property Group Stock Performance

Shares of SPG stock opened at $164.35 on Thursday. The firm has a 50-day moving average of $158.49 and a 200-day moving average of $151.92. The company has a market cap of $53.57 billion, a P/E ratio of 20.94, a P/E/G ratio of 8.97 and a beta of 1.74. 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 one year low of $102.11 and a one year high of $169.18.

Simon Property Group (NYSE:SPG) last announced its 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 during the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.88 EPS. Equities research analysts forecast that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a yield of 4.99%. The ex-dividend date is Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is 104.46%.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz acquired 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by corporate insiders.

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.