Amalgamated Bank Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)

Amalgamated Bank lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 6.7% in the third quarter, HoldingsChannel.com reports. The firm owned 62,293 shares of the real estate investment trust’s stock after selling 4,484 shares during the quarter. Amalgamated Bank’s holdings in Simon Property Group were worth $10,529,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Clearstead Trust LLC bought a new stake in Simon Property Group during the 1st quarter valued at $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Simon Property Group in the second quarter valued at about $25,000. EntryPoint Capital LLC bought a new position in shares of Simon Property Group during the first quarter valued at about $26,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Simon Property Group during the second quarter worth about $27,000. Finally, RFP Financial Group LLC grew its stake 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 purchasing an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on SPG. 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 report on Thursday, September 12th. Scotiabank raised their price target 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. Truist Financial boosted 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 report on Wednesday, August 28th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Finally, Mizuho boosted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $162.78.

Insider Buying and Selling at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the purchase, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.60% of the stock is owned by company insiders.

Simon Property Group Stock Up 1.3 %

NYSE:SPG opened at $174.39 on Wednesday. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04. The firm’s 50-day moving average price is $168.77 and its 200-day moving average price is $156.96. The company has a market capitalization of $56.86 billion, a PE ratio of 23.22, a P/E/G ratio of 9.79 and a beta of 1.74. Simon Property Group, Inc. has a 1-year low of $113.40 and a 1-year high of $177.08.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data 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 business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $3.20 EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities analysts predict that Simon Property Group, Inc. will post 12.83 EPS 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. Investors of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

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.