Thurston Springer Miller Herd & Titak Inc. Boosts Position in Simon Property Group, Inc. (NYSE:SPG)

Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 107.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 413 shares of the real estate investment trust’s stock after purchasing an additional 214 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Simon Property Group were worth $70,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its stake in Simon Property Group by 5.3% in the third quarter. Sound Income Strategies LLC now owns 101,748 shares of the real estate investment trust’s stock valued at $17,198,000 after buying an additional 5,138 shares during the last quarter. CVA Family Office LLC lifted its stake in Simon Property Group by 11.2% in the third quarter. CVA Family Office LLC now owns 715 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 72 shares during the last quarter. Gilman Hill Asset Management LLC lifted its stake in Simon Property Group by 8.5% in the third quarter. Gilman Hill Asset Management LLC now owns 5,451 shares of the real estate investment trust’s stock valued at $921,000 after buying an additional 425 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Simon Property Group by 100.5% in the third quarter. Exchange Traded Concepts LLC now owns 113,462 shares of the real estate investment trust’s stock valued at $19,177,000 after buying an additional 56,862 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its stake in Simon Property Group by 12.9% in the third quarter. Ritholtz Wealth Management now owns 9,851 shares of the real estate investment trust’s stock valued at $1,665,000 after buying an additional 1,128 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Up 1.7 %

Shares of SPG stock opened at $174.63 on Wednesday. The business’s fifty day moving average price is $164.74 and its 200 day moving average price is $154.14. Simon Property Group, Inc. has a 1-year low of $104.05 and a 1-year high of $176.70. The firm has a market capitalization of $56.94 billion, a PE ratio of 22.19, a P/E/G ratio of 9.20 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 (NYSE:SPG) last announced its quarterly earnings data 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 return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the company earned $2.88 EPS. The company’s revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed 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 4.70%. The ex-dividend date 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 currently 104.19%.

Wall Street Analyst Weigh In

SPG has been the subject of a number of research reports. Truist Financial boosted their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Scotiabank boosted their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Mizuho boosted their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $162.78.

Insider Buying and Selling

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available 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.