abrdn plc Sells 127,123 Shares of Simon Property Group, Inc. (NYSE:SPG)

abrdn plc decreased its position in Simon Property Group, Inc. (NYSE:SPG) by 26.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 349,272 shares of the real estate investment trust’s stock after selling 127,123 shares during the period. abrdn plc’s holdings in Simon Property Group were worth $58,891,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in Simon Property Group by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after buying an additional 3,626 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Simon Property Group by 333.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 24,531 shares of the real estate investment trust’s stock valued at $3,839,000 after purchasing an additional 18,872 shares during the last quarter. M&G Plc bought a new stake in shares of Simon Property Group in the first quarter worth $4,654,000. TTP Investments Inc. boosted its holdings in Simon Property Group by 42.0% during the third 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 last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in Simon Property Group by 28.5% during the first quarter. Janney Montgomery Scott LLC now owns 73,758 shares of the real estate investment trust’s stock worth $11,543,000 after purchasing an additional 16,349 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SPG has been the topic of several recent research reports. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho lifted their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Truist Financial increased their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. 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 report on Thursday, September 12th. Finally, Scotiabank upped their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $162.78.

Simon Property Group Stock Performance

SPG opened at $172.05 on Wednesday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 12-month low of $104.24 and a 12-month high of $177.08. The business has a 50 day moving average of $168.17 and a 200-day moving average of $155.89. The stock has a market cap of $56.08 billion, a price-to-earnings ratio of 21.92, a PEG ratio of 9.35 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) 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 business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the business earned $2.88 EPS. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities research analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business 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 is an increase 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 4.77%. Simon Property Group’s payout ratio is presently 104.46%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of the business’s stock in a transaction on Monday, September 30th. The stock was purchased at an average cost 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 approximately $5,738,557.30. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.50% of the stock is owned by company insiders.

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.