HighTower Advisors LLC Has $151.05 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

HighTower Advisors LLC grew its position in Simon Property Group, Inc. (NYSE:SPG) by 14.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 893,411 shares of the real estate investment trust’s stock after buying an additional 111,933 shares during the period. HighTower Advisors LLC’s holdings in Simon Property Group were worth $151,049,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new position in shares of Simon Property Group in the 2nd quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new position in Simon Property Group in the 2nd quarter worth $27,000. Capital Performance Advisors LLP acquired a new position in Simon Property Group in the 3rd quarter worth $30,000. RFP Financial Group LLC boosted 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 worth $28,000 after purchasing an additional 160 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Simon Property Group in the 2nd quarter worth $30,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analysts Set New Price Targets

SPG has been the subject of a number of research analyst reports. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Scotiabank upped their target price 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. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Mizuho boosted 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 report on Monday, August 19th. 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 presently has a consensus rating of “Hold” and an average price target of $162.78.

Simon Property Group Trading Down 1.2 %

Shares of NYSE:SPG opened at $181.39 on Tuesday. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The company’s 50-day moving average price is $174.30 and its two-hundred day moving average price is $161.46. The stock has a market capitalization of $59.18 billion, a PE ratio of 24.15, a price-to-earnings-growth ratio of 10.72 and a beta of 1.75. Simon Property Group, Inc. has a one year low of $127.60 and a one year high of $186.00.

Simon Property Group (NYSE:SPG) last issued its earnings results 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). The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $3.20 earnings per share. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.78 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders 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 4.63%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio is presently 109.19%.

Insider Activity

In related news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 8.60% of the stock is owned by insiders.

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.