M&T Bank Corp Sells 2,237 Shares of Simon Property Group, Inc. (NYSE:SPG)

M&T Bank Corp trimmed its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 56,941 shares of the real estate investment trust’s stock after selling 2,237 shares during the quarter. M&T Bank Corp’s holdings in Simon Property Group were worth $9,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Red Cedar Investment Management LLC boosted its position in Simon Property Group by 153.2% in the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after purchasing an additional 10,644 shares during the last quarter. TTP Investments Inc. lifted its stake in shares of Simon Property Group by 42.0% in the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after purchasing an additional 10,147 shares during the period. Forte Capital LLC ADV purchased a new position in shares of Simon Property Group in the third quarter worth approximately $630,000. Radnor Capital Management LLC bought a new stake in Simon Property Group during the third quarter valued at approximately $1,602,000. Finally, Metis Global Partners LLC grew its position in Simon Property Group by 14.9% during the third quarter. Metis Global Partners LLC now owns 44,816 shares of the real estate investment trust’s stock valued at $7,575,000 after buying an additional 5,809 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Up 1.4 %

Shares of SPG opened at $171.61 on Monday. Simon Property Group, Inc. has a 12-month low of $135.15 and a 12-month high of $186.00. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. The company has a market capitalization of $55.99 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 10.50 and a beta of 1.75. The business’s 50 day moving average is $177.29 and its 200 day moving average is $164.54.

Simon Property Group (NYSE:SPG) last released its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm posted $3.20 EPS. Simon Property Group’s quarterly revenue was up 4.9% compared to the same quarter last year. Research analysts expect that Simon Property Group, Inc. will post 12.76 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a $2.10 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.89%. Simon Property Group’s payout ratio is presently 111.85%.

Wall Street Analyst Weigh In

Several research firms have weighed in on SPG. Mizuho lifted their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Piper Sandler reiterated a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Finally, 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. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $169.22.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction 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 transaction, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

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.