Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its holdings in Simon Property Group, Inc. (NYSE:SPG) by 0.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 309,029 shares of the real estate investment trust’s stock after selling 2,332 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Simon Property Group were worth $52,232,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Resonant Capital Advisors LLC raised its stake in shares of Simon Property Group by 4.0% in the third quarter. Resonant Capital Advisors LLC now owns 2,143 shares of the real estate investment trust’s stock worth $362,000 after purchasing an additional 83 shares during the last quarter. Alta Wealth Advisors LLC raised its stake in shares of Simon Property Group by 4.8% in the third quarter. Alta Wealth Advisors LLC now owns 4,304 shares of the real estate investment trust’s stock worth $727,000 after purchasing an additional 198 shares during the last quarter. Everett Harris & Co. CA raised its stake in shares of Simon Property Group by 0.5% in the third quarter. Everett Harris & Co. CA now owns 49,025 shares of the real estate investment trust’s stock worth $8,286,000 after purchasing an additional 234 shares during the last quarter. Raymond James & Associates raised its stake in shares of Simon Property Group by 2.4% in the third quarter. Raymond James & Associates now owns 274,616 shares of the real estate investment trust’s stock worth $46,416,000 after purchasing an additional 6,358 shares during the last quarter. Finally, Schubert & Co purchased a new position in shares of Simon Property Group in the third quarter worth about $202,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Insiders Place Their Bets

In related news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction on Monday, September 30th. The shares were bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the purchase, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Stock Performance

Shares of NYSE:SPG opened at $174.21 on Tuesday. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The business’s 50 day moving average price is $166.35 and its 200-day moving average price is $154.84. The firm has a market capitalization of $56.80 billion, a PE ratio of 22.14, a P/E/G ratio of 9.70 and a beta of 1.74. Simon Property Group, Inc. has a 1 year low of $104.05 and a 1 year high of $177.08.

Simon Property Group (NYSE:SPG) last released 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). The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the firm posted $2.88 EPS. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were paid a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.71%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is 104.19%.

Wall Street Analyst Weigh In

SPG has been the subject of several recent research reports. Truist Financial lifted their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Stifel Nicolaus reiterated a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Scotiabank lifted their price target on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. 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, StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group presently has an average rating of “Hold” and an average price target of $162.78.

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.