Penserra Capital Management LLC Has $1.63 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Penserra Capital Management LLC raised its stake in Simon Property Group, Inc. (NYSE:SPG) by 17.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 9,646 shares of the real estate investment trust’s stock after acquiring an additional 1,413 shares during the period. Penserra Capital Management LLC’s holdings in Simon Property Group were worth $1,629,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in Simon Property Group in the second quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new stake in shares of Simon Property Group in the 1st quarter valued at $26,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Simon Property Group during the second quarter worth $27,000. RFP Financial Group LLC increased its position in shares of Simon Property Group by 727.3% during the second 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 period. Finally, Pathway Financial Advisers LLC bought a new position in Simon Property Group during the first quarter worth $29,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Price Performance

Shares of SPG opened at $183.48 on Wednesday. The stock has a market cap of $59.87 billion, a P/E ratio of 24.43, a P/E/G ratio of 10.57 and a beta of 1.74. The business’s fifty day moving average is $173.24 and its 200 day moving average is $160.72. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a 12-month low of $119.92 and a 12-month high of $183.96.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $3.20 earnings per share. Sell-side analysts anticipate that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be issued a dividend of $2.10 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s payout ratio is currently 111.85%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SPG. Mizuho increased their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Stifel Nicolaus restated a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial lifted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler reissued a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $162.78.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 1.09 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 8.50% of the company’s stock.

Simon Property Group 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.