Sumitomo Mitsui DS Asset Management Company Ltd Cuts Position in Simon Property Group, Inc. (NYSE:SPG)

Sumitomo Mitsui DS Asset Management Company Ltd lowered its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,339 shares of the real estate investment trust’s stock after selling 349 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Simon Property Group were worth $16,283,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SPG. Clearstead Trust LLC purchased a new position in shares of Simon Property Group during the 1st quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new position in Simon Property Group during the second quarter valued at $25,000. EntryPoint Capital LLC acquired a new stake in shares of Simon Property Group in the first quarter valued at about $26,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Simon Property Group in the second quarter valued at about $27,000. Finally, RFP Financial Group LLC lifted its stake in Simon Property Group by 727.3% in the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 160 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Price Performance

Shares of SPG stock opened at $174.35 on Friday. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The company has a market capitalization of $56.85 billion, a PE ratio of 22.15, a price-to-earnings-growth ratio of 9.41 and a beta of 1.74. The firm’s 50-day moving average is $165.57 and its two-hundred day moving average is $154.43. Simon Property Group, Inc. has a 12 month low of $104.05 and a 12 month high of $176.70.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.88 EPS. Analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were issued a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.70%. Simon Property Group’s dividend payout ratio is currently 104.19%.

Insider Buying and Selling

In related news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were bought at an average price of $167.30 per share, with a total value 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 $5,738,557.30. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 8.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on SPG. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Scotiabank increased their price objective on 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. Truist Financial lifted their target price 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. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $162.78.

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.