Trivant Custom Portfolio Group LLC Makes New $42,000 Investment in Simon Property Group, Inc. (NYSE:SPG)

Trivant Custom Portfolio Group LLC bought a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 250 shares of the real estate investment trust’s stock, valued at approximately $42,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Rafferty Asset Management LLC boosted its position in Simon Property Group by 19.7% in the fourth quarter. Rafferty Asset Management LLC now owns 43,752 shares of the real estate investment trust’s stock worth $6,241,000 after purchasing an additional 7,207 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Simon Property Group by 16.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,017 shares of the real estate investment trust’s stock worth $716,000 after buying an additional 696 shares during the last quarter. Public Employees Retirement Association of Colorado grew its position in Simon Property Group by 66.0% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 48,911 shares of the real estate investment trust’s stock valued at $6,977,000 after buying an additional 19,450 shares during the period. American International Group Inc. increased its holdings in Simon Property Group by 0.5% during the fourth quarter. American International Group Inc. now owns 87,594 shares of the real estate investment trust’s stock worth $12,494,000 after buying an additional 405 shares during the last quarter. Finally, Morningstar Investment Services LLC purchased a new stake in Simon Property Group during the fourth quarter worth about $358,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insiders Place Their Bets

In other news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Stock Performance

Shares of NYSE SPG traded up $1.23 during mid-day trading on Friday, hitting $169.58. The company had a trading volume of 1,211,204 shares, compared to its average volume of 1,778,016. 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 1 year low of $102.82 and a 1 year high of $170.87. The company has a market capitalization of $55.29 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 9.23 and a beta of 1.74. The stock’s 50-day moving average price is $162.34 and its 200-day moving average price is $153.37.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the previous year, the firm earned $2.88 EPS. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were issued a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date of this dividend was Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is 104.46%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Argus increased their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Mizuho upped their price objective on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Piper Sandler reissued a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price target for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Finally, Truist Financial increased their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price 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.