Kentucky Retirement Systems Insurance Trust Fund Cuts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Kentucky Retirement Systems Insurance Trust Fund decreased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 13.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,074 shares of the real estate investment trust’s stock after selling 1,439 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Simon Property Group were worth $1,534,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Orion Portfolio Solutions LLC increased its holdings in shares of Simon Property Group by 1.3% in the 1st quarter. Orion Portfolio Solutions LLC now owns 9,338 shares of the real estate investment trust’s stock worth $1,461,000 after buying an additional 121 shares during the last quarter. Banco Santander S.A. bought a new position in shares of Simon Property Group in the 1st quarter valued at about $443,000. M&G Plc purchased a new position in Simon Property Group in the first quarter worth about $4,654,000. TIAA Trust National Association increased its stake in Simon Property Group by 3.7% during the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after acquiring an additional 69 shares during the last quarter. Finally, Catalytic Wealth RIA LLC raised its position in Simon Property Group by 10.2% during the first quarter. Catalytic Wealth RIA LLC now owns 1,952 shares of the real estate investment trust’s stock valued at $305,000 after purchasing an additional 181 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 1.1 %

Shares of SPG stock opened at $180.27 on Friday. The stock’s fifty day moving average price is $170.77 and its 200 day moving average price is $158.84. Simon Property Group, Inc. has a 1-year low of $119.72 and a 1-year high of $182.84. The company has a market cap 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 debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.20 EPS. On average, research 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 business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.66%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is currently 109.19%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SPG shares. Truist Financial lifted their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Mizuho boosted their price objective 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. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Scotiabank upped their price objective on shares of 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. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $162.78.

Insider Transactions at Simon Property Group

In other news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 8.50% of the company’s stock.

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.