Red Cedar Investment Management LLC Boosts Holdings in Simon Property Group, Inc. (NYSE:SPG)

Red Cedar Investment Management LLC grew its holdings in Simon Property Group, Inc. (NYSE:SPG) by 153.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,591 shares of the real estate investment trust’s stock after purchasing an additional 10,644 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Simon Property Group were worth $2,973,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SPG. Clearstead Trust LLC purchased a new position in Simon Property Group in the first quarter worth approximately $25,000. Opal Wealth Advisors LLC purchased a new position in Simon Property Group in the second quarter worth approximately $25,000. EntryPoint Capital LLC purchased a new position in Simon Property Group in the first quarter worth approximately $26,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group in the second quarter worth approximately $27,000. Finally, RFP Financial Group LLC lifted its stake in Simon Property Group by 727.3% in the second 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. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 1.7 %

SPG traded up $2.90 during trading on Monday, hitting $170.60. The company had a trading volume of 112,325 shares, compared to its average volume of 1,439,015. The company has a market cap of $55.62 billion, a PE ratio of 21.31, a P/E/G ratio of 9.61 and a beta of 1.74. The business has a 50-day moving average of $168.55 and a 200-day moving average of $156.50. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. Simon Property Group, Inc. has a 1-year low of $113.40 and a 1-year high of $177.08.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the company posted $2.88 earnings per share. As a group, analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm 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 represents a $8.40 dividend on an annualized basis and a dividend yield of 4.92%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is 104.19%.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction on Monday, September 30th. The shares were bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This trade represents a 0.00 % 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 hyperlink. 8.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SPG. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Scotiabank boosted their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. 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 note on Monday, August 19th. Truist Financial boosted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Finally, Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and an average target price of $162.78.

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.