The Manufacturers Life Insurance Company Has $38.88 Million Position in Simon Property Group, Inc. (NYSE:SPG)

The Manufacturers Life Insurance Company lowered its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 230,044 shares of the real estate investment trust’s stock after selling 6,314 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Simon Property Group were worth $38,882,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SPG. Opal Wealth Advisors LLC acquired a new stake in Simon Property Group in the 2nd quarter valued at $25,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group during the 2nd quarter worth $27,000. RFP Financial Group LLC boosted its holdings in Simon Property Group by 727.3% during the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 160 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in Simon Property Group during the 1st quarter worth $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Simon Property Group during the 2nd quarter worth $30,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Trading Up 0.2 %

Shares of Simon Property Group stock opened at $183.75 on Friday. Simon Property Group, Inc. has a 52-week low of $120.50 and a 52-week high of $186.00. The stock’s 50-day simple moving average is $173.96 and its 200 day simple moving average is $161.04. The stock has a market capitalization of $59.95 billion, a P/E ratio of 24.47, a P/E/G ratio of 10.51 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 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 firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the firm posted $3.20 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. As a group, research analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a $2.10 dividend. This is a boost 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 4.57%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s payout ratio is currently 109.19%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SPG. Mizuho lifted their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Piper Sandler reiterated a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, 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 research note on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Simon Property Group has an average rating of “Hold” and an average price target of $162.78.

Insider Activity at Simon Property Group

In other news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.60% of the stock is currently owned by company insiders.

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.