Barry Investment Advisors LLC Sells 283 Shares of Simon Property Group, Inc. (NYSE:SPG)

Barry Investment Advisors LLC reduced its holdings in Simon Property Group, Inc. (NYSE:SPG) by 16.9% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,388 shares of the real estate investment trust’s stock after selling 283 shares during the quarter. Barry Investment Advisors LLC’s holdings in Simon Property Group were worth $235,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SPG. Hennion & Walsh Asset Management Inc. raised its stake in 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 valued at $697,000 after purchasing an additional 1,576 shares in the last quarter. Diversified Trust Co lifted its holdings in shares of Simon Property Group by 130.9% during the 1st quarter. Diversified Trust Co now owns 10,852 shares of the real estate investment trust’s stock worth $1,698,000 after acquiring an additional 6,153 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Simon Property Group by 2.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 284,865 shares of the real estate investment trust’s stock worth $44,578,000 after acquiring an additional 7,831 shares during the last quarter. Valeo Financial Advisors LLC grew its position in Simon Property Group by 7.6% in the first quarter. Valeo Financial Advisors LLC now owns 9,437 shares of the real estate investment trust’s stock worth $1,477,000 after acquiring an additional 668 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Simon Property Group by 0.7% in the first quarter. State of Alaska Department of Revenue now owns 190,938 shares of the real estate investment trust’s stock valued at $29,878,000 after acquiring an additional 1,238 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Up 1.2 %

Shares of SPG opened at $172.52 on Tuesday. The stock has a market capitalization of $56.23 billion, a P/E ratio of 21.98, a PEG ratio of 9.35 and a beta of 1.74. Simon Property Group, Inc. has a twelve month low of $104.24 and a twelve month high of $177.08. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The firm has a fifty day simple moving average of $167.91 and a two-hundred day simple moving average of $155.70.

Simon Property Group (NYSE:SPG) last posted its earnings results 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). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the prior year, the company posted $2.88 earnings per share. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, research analysts anticipate that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were issued a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend was Monday, September 9th. 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%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SPG shares. Truist Financial upped their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Scotiabank increased their price target on shares of 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. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Mizuho lifted their target price 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. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and an average price target of $162.78.

Insider Buying and Selling

In related news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 8.50% of the stock is currently owned by insiders.

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.