Everett Harris & Co. CA Increases Position in Simon Property Group, Inc. (NYSE:SPG)

Everett Harris & Co. CA raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 0.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 49,025 shares of the real estate investment trust’s stock after purchasing an additional 234 shares during the quarter. Everett Harris & Co. CA’s holdings in Simon Property Group were worth $8,286,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in SPG. Clearstead Trust LLC purchased a new stake in Simon Property Group in the first quarter valued at $25,000. Opal Wealth Advisors LLC purchased a new stake in Simon Property Group in the second quarter valued at $25,000. EntryPoint Capital LLC purchased a new stake in Simon Property Group in the first quarter valued at $26,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Simon Property Group in the second quarter worth about $27,000. Finally, RFP Financial Group LLC raised its position in shares of Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 160 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Price Performance

SPG stock traded up $2.57 during mid-day trading on Friday, reaching $176.92. The company’s stock had a trading volume of 1,060,618 shares, compared to its average volume of 1,462,424. The stock has a market cap of $57.68 billion, a PE ratio of 22.48, a P/E/G ratio of 9.41 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. Simon Property Group, Inc. has a fifty-two week low of $104.05 and a fifty-two week high of $177.08. The company’s 50 day moving average is $165.93 and its two-hundred day moving average is $154.59.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.88 EPS. Equities research 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 declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were paid a $2.05 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 4.63%. Simon Property Group’s dividend payout ratio is 104.19%.

Analysts Set New Price Targets

A number of research analysts have weighed in on SPG shares. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Truist Financial upped their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Mizuho upped their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Finally, Scotiabank upped their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to 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 purchased 370 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was acquired at an average price of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 8.60% 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.