Simon Property Group, Inc. (NYSE:SPG) Stake Reduced by Independent Advisor Alliance

Independent Advisor Alliance cut its stake in Simon Property Group, Inc. (NYSE:SPG) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,793 shares of the real estate investment trust’s stock after selling 1,802 shares during the period. Independent Advisor Alliance’s holdings in Simon Property Group were worth $11,289,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new position in Simon Property Group during the 1st quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Simon Property Group during the second quarter worth approximately $25,000. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group in the 2nd quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new stake in Simon Property Group in the 3rd quarter valued at approximately $30,000. Finally, Pathway Financial Advisers LLC bought a new stake in Simon Property Group during the 1st quarter valued at $29,000. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Price Performance

Simon Property Group stock opened at $181.14 on Monday. The business has a 50 day simple moving average of $172.55 and a 200 day simple moving average of $160.25. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. Simon Property Group, Inc. has a one year low of $119.92 and a one year high of $183.96. The company has a market capitalization of $59.10 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 10.57 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its 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 company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.20 earnings per share. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be issued a dividend of $2.10 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

Insiders Place Their Bets

In other news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on SPG. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price target for the company from $160.00 to $172.00 in a report on Monday, September 16th. Mizuho upped 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. Scotiabank boosted their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Piper Sandler restated a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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.