Sumitomo Mitsui Trust Group Inc. Increases Holdings in Simon Property Group, Inc. (NYSE:SPG)

Sumitomo Mitsui Trust Group Inc. boosted its position in Simon Property Group, Inc. (NYSE:SPG) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,487,897 shares of the real estate investment trust’s stock after buying an additional 25,519 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.46% of Simon Property Group worth $251,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its stake in shares of 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 purchasing an additional 3,626 shares in the last quarter. Red Cedar Investment Management LLC lifted its stake 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. M&G Plc purchased a new stake in Simon Property Group during the first quarter valued at about $4,654,000. TTP Investments Inc. grew its stake in shares of 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 valued at $5,796,000 after buying an additional 10,147 shares during the last quarter. Finally, Entropy Technologies LP bought a new position in shares of Simon Property Group during the first quarter valued at about $731,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Simon Property Group stock opened at $178.22 on Wednesday. Simon Property Group, Inc. has a fifty-two week low of $113.46 and a fifty-two week high of $182.84. The stock’s 50 day simple moving average is $169.61 and its two-hundred day simple moving average is $157.93. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.04 and a current ratio of 2.00. The stock has a market cap of $58.11 billion, a price-to-earnings ratio of 23.73, a PEG ratio of 10.58 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.20 earnings per share. As a group, analysts expect that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 4.71%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 109.19%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the business’s stock in a transaction on Monday, September 30th. The shares were acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler restated a “neutral” rating and set a $175.00 price target (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 shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Mizuho raised their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Scotiabank upped their price objective on shares of 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. Finally, StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $162.78.

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.