Eastern Bank Makes New $42,000 Investment in Simon Property Group, Inc. (NYSE:SPG)

Eastern Bank purchased a new position in Simon Property Group, Inc. (NYSE:SPG) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 250 shares of the real estate investment trust’s stock, valued at approximately $42,000.

A number of other hedge funds have also modified their holdings of SPG. Kathmere Capital Management LLC bought a new position in shares of Simon Property Group in the first quarter worth approximately $220,000. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Simon Property Group by 54.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 4,455 shares of the real estate investment trust’s stock worth $697,000 after buying an additional 1,576 shares in the last quarter. Vicus Capital lifted its holdings in shares of Simon Property Group by 11.8% in the first quarter. Vicus Capital now owns 2,061 shares of the real estate investment trust’s stock worth $323,000 after buying an additional 217 shares in the last quarter. Breakwater Capital Group purchased a new position in shares of Simon Property Group in the first quarter worth $215,000. Finally, Diversified Trust Co lifted its holdings in shares of Simon Property Group by 130.9% in the first quarter. Diversified Trust Co now owns 10,852 shares of the real estate investment trust’s stock worth $1,698,000 after buying an additional 6,153 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Trading Down 1.7 %

Shares of SPG opened at $170.52 on Friday. Simon Property Group, Inc. has a twelve month low of $104.05 and a twelve month high of $177.08. The company has a market cap of $55.58 billion, a P/E ratio of 21.72, a P/E/G ratio of 9.58 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. The company’s fifty day simple moving average is $167.66 and its 200-day simple moving average is $155.42.

Simon Property Group (NYSE:SPG) last announced its 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 during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the company posted $2.88 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. As a group, analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were paid a $2.05 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 4.81%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is currently 104.46%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SPG shares. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Piper Sandler reissued a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Scotiabank boosted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research note 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $162.78.

Insider Activity

In other news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The shares were acquired 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 in the company, valued at $5,738,557.30. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 8.50% of the company’s stock.

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.