Lighthouse Investment Partners LLC Sells 12,500 Shares of Simon Property Group, Inc. (NYSE:SPG)

Lighthouse Investment Partners LLC trimmed its position in Simon Property Group, Inc. (NYSE:SPG) by 13.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 82,500 shares of the real estate investment trust’s stock after selling 12,500 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in Simon Property Group were worth $12,524,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SPG. Vanguard Group Inc. increased its stake in Simon Property Group by 1.5% in the first quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after acquiring an additional 672,941 shares during the last quarter. Strategic Financial Concepts LLC increased its stake in Simon Property Group by 16,795.2% in 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 acquiring an additional 421,560 shares during the last quarter. Castle Hook Partners LP increased its stake in 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 acquiring an additional 310,207 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in Simon Property Group by 5,778.7% in the second quarter. Los Angeles Capital Management LLC now owns 265,954 shares of the real estate investment trust’s stock valued at $40,372,000 after acquiring an additional 261,430 shares during the last quarter. Finally, National Bank of Canada FI increased its stake in Simon Property Group by 121.6% in the first quarter. National Bank of Canada FI now owns 458,706 shares of the real estate investment trust’s stock valued at $67,758,000 after acquiring an additional 251,679 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SPG. Truist Financial lifted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Mizuho boosted their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. 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, Argus boosted 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. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Price Performance

SPG stock opened at $166.31 on Friday. The firm has a market cap of $54.21 billion, a price-to-earnings ratio of 21.19, a PEG ratio of 9.21 and a beta of 1.74. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month high of $170.87. The company’s fifty day simple moving average is $160.48 and its 200 day simple moving average is $152.62.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm earned $2.88 EPS. Simon Property Group’s quarterly revenue was up 4.8% on a year-over-year basis. On average, analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 4.93%. 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%.

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.