Newbridge Financial Services Group Inc. Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)

Newbridge Financial Services Group Inc. lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 25.3% during the 2nd quarter, Holdings Channel reports. The firm owned 2,692 shares of the real estate investment trust’s stock after selling 910 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Simon Property Group were worth $409,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Clearstead Trust LLC acquired a new position in shares of Simon Property Group in the 1st quarter valued at $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Simon Property Group during the second quarter worth about $25,000. EntryPoint Capital LLC purchased a new stake in Simon Property Group in the first quarter valued at approximately $26,000. Wetzel Investment Advisors Inc. acquired a new position in Simon Property Group in the 2nd quarter worth approximately $27,000. Finally, RFP Financial Group LLC raised its position in Simon Property Group by 727.3% during the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Activity

In related news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 8.50% of the company’s stock.

Simon Property Group Stock Up 0.4 %

Shares of NYSE SPG opened at $169.63 on Wednesday. The stock has a market cap of $55.31 billion, a PE ratio of 21.61, a P/E/G ratio of 9.19 and a beta of 1.74. The company has a current ratio of 2.04, a quick 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 has a 50-day moving average of $161.25 and a 200 day moving average of $153.04.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share 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 for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the firm posted $2.88 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were given a dividend of $2.05 per share. The ex-dividend date was Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.83%. Simon Property Group’s dividend payout ratio (DPR) is currently 104.46%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Argus upped their target price on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Mizuho lifted their price target 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, Truist Financial upped their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.