Portside Wealth Group LLC Has $702,000 Holdings in Simon Property Group, Inc. (NYSE:SPG)

Portside Wealth Group LLC boosted its holdings in Simon Property Group, Inc. (NYSE:SPG) by 19.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,153 shares of the real estate investment trust’s stock after purchasing an additional 673 shares during the quarter. Portside Wealth Group LLC’s holdings in Simon Property Group were worth $702,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Clearstead Trust LLC acquired a new stake in shares of Simon Property Group in the first quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new position in Simon Property Group during the 1st quarter worth $26,000. Opal Wealth Advisors LLC acquired a new position in Simon Property Group in the 2nd quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Simon Property Group during the 2nd quarter valued at $27,000. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Simon Property Group during the 1st quarter worth $29,000. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Mizuho upped their price objective 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. Truist Financial lifted 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. Stifel Nicolaus restated a “hold” rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Scotiabank lifted their price target on 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. Finally, Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Hold” and a consensus price target of $162.78.

Insider Buying and Selling

In related news, Director Allan B. Hubbard bought 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 8.50% of the stock is currently owned by insiders.

Simon Property Group Trading Up 1.9 %

Shares of SPG stock opened at $179.04 on Friday. Simon Property Group, Inc. has a twelve month low of $113.40 and a twelve month high of $179.46. The stock’s fifty day simple moving average is $169.33 and its 200 day simple moving average is $157.46. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm has a market capitalization of $58.37 billion, a P/E ratio of 23.84, a P/E/G ratio of 9.89 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the firm posted $3.20 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 12.81 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders 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 4.69%. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is 109.19%.

About Simon Property Group

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.