Smead Capital Management Inc. Buys 88,378 Shares of Simon Property Group, Inc. (NYSE:SPG)

Smead Capital Management Inc. raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,620,355 shares of the real estate investment trust’s stock after purchasing an additional 88,378 shares during the period. Simon Property Group accounts for 6.3% of Smead Capital Management Inc.’s holdings, making the stock its 3rd biggest position. Smead Capital Management Inc. owned about 0.80% of Simon Property Group worth $442,892,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Opal Wealth Advisors LLC acquired a new stake in Simon Property Group in the 2nd quarter worth about $25,000. EntryPoint Capital LLC acquired a new position in shares of Simon Property Group during the 1st quarter worth approximately $26,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Simon Property Group during the 2nd quarter worth approximately $27,000. RFP Financial Group LLC boosted its holdings in shares of 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 purchasing an additional 160 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Simon Property Group during the 1st quarter worth approximately $29,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Up 0.3 %

Shares of NYSE SPG opened at $180.85 on Tuesday. The firm has a market cap of $59.01 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 10.52 and a beta of 1.74. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a 52-week low of $119.92 and a 52-week high of $182.84. The business’s 50 day moving average is $171.15 and its two-hundred day moving average is $159.25.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data 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). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the company posted $3.20 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. Research analysts predict that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. 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 4.64%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is currently 109.19%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Scotiabank upped their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Finally, Truist Financial upped their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Simon Property Group has a consensus rating of “Hold” and an average target price of $162.78.

Insider Transactions at Simon Property Group

In other news, Director Allan B. Hubbard bought 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the purchase, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

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.