Tower Bridge Advisors Sells 200 Shares of Simon Property Group, Inc. (NYSE:SPG)

Tower Bridge Advisors lessened its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,825 shares of the real estate investment trust’s stock after selling 200 shares during the period. Tower Bridge Advisors’ holdings in Simon Property Group were worth $2,168,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of SPG. Los Angeles Capital Management LLC increased its holdings in Simon Property Group by 373.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock worth $212,906,000 after acquiring an additional 993,694 shares during the period. International Assets Investment Management LLC increased its holdings in Simon Property Group by 18,764.1% during the 3rd quarter. International Assets Investment Management LLC now owns 892,085 shares of the real estate investment trust’s stock worth $150,780,000 after acquiring an additional 887,356 shares during the period. Mizuho Securities USA LLC increased its holdings in Simon Property Group by 2,520.3% during the 3rd quarter. Mizuho Securities USA LLC now owns 658,191 shares of the real estate investment trust’s stock worth $111,247,000 after acquiring an additional 633,072 shares during the period. Strategic Financial Concepts LLC increased its holdings in Simon Property Group by 16,795.2% during the 2nd quarter. Strategic Financial Concepts LLC now owns 424,070 shares of the real estate investment trust’s stock worth $64,374,000 after acquiring an additional 421,560 shares during the period. Finally, Castle Hook Partners LP increased its holdings in Simon Property Group by 182.0% during the 1st quarter. Castle Hook Partners LP now owns 480,692 shares of the real estate investment trust’s stock worth $75,223,000 after acquiring an additional 310,207 shares during the period. Institutional investors own 93.01% of the company’s stock.

Insider Activity at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 1.09 % increase in their position. The purchase 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 company insiders.

Simon Property Group Price Performance

Shares of Simon Property Group stock opened at $180.27 on Friday. Simon Property Group, Inc. has a 52-week low of $119.72 and a 52-week high of $182.84. The stock has a market capitalization of $58.78 billion, a price-to-earnings ratio of 24.00, a price-to-earnings-growth ratio of 10.52 and a beta of 1.74. The company has a fifty day moving average of $170.77 and a 200-day moving average of $158.84. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.04 and a current ratio of 2.00.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the company posted $3.20 EPS. Simon Property Group’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts expect that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a dividend of $2.10 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio is currently 109.19%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SPG. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Truist Financial boosted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Mizuho boosted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Finally, StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $162.78.

Simon Property Group Company 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.