CORDA Investment Management LLC. Has $37.41 Million Position in Simon Property Group, Inc. (NYSE:SPG)

CORDA Investment Management LLC. reduced its holdings in Simon Property Group, Inc. (NYSE:SPG) by 3.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 221,353 shares of the real estate investment trust’s stock after selling 7,601 shares during the quarter. Simon Property Group comprises 2.9% of CORDA Investment Management LLC.’s portfolio, making the stock its 11th biggest holding. CORDA Investment Management LLC.’s holdings in Simon Property Group were worth $37,413,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in SPG. Clearstead Trust LLC bought a new stake in shares of Simon Property Group in the first quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Simon Property Group in the second quarter valued at about $25,000. EntryPoint Capital LLC bought a new stake in shares of Simon Property Group in the first quarter valued at about $26,000. Wetzel Investment Advisors Inc. bought 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% during 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 period. Institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on SPG shares. Truist Financial raised 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. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $162.78.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 8.50% of the company’s stock.

Simon Property Group Stock Performance

Shares of Simon Property Group stock opened at $168.05 on Monday. 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 firm has a market cap of $54.79 billion, a P/E ratio of 21.31, a P/E/G ratio of 9.61 and a beta of 1.74. The firm has a 50 day simple moving average of $168.55 and a 200 day simple moving average of $156.50. Simon Property Group, Inc. has a fifty-two week low of $113.40 and a fifty-two week high of $177.08.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.88 EPS. Sell-side analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business 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 $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.00%. 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 currently 104.19%.

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.