Los Angeles Capital Management LLC Purchases 993,694 Shares of Simon Property Group, Inc. (NYSE:SPG)

Los Angeles Capital Management LLC increased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 373.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,259,648 shares of the real estate investment trust’s stock after purchasing an additional 993,694 shares during the period. Simon Property Group comprises about 0.9% of Los Angeles Capital Management LLC’s investment portfolio, making the stock its 19th largest position. Los Angeles Capital Management LLC owned about 0.39% of Simon Property Group worth $212,906,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in Simon Property Group by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after acquiring an additional 3,626 shares during the period. M&G Plc acquired a new position in Simon Property Group in the first quarter valued at about $4,654,000. TTP Investments Inc. grew its stake in Simon Property Group by 42.0% during the third quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after buying an additional 10,147 shares during the last quarter. Red Cedar Investment Management LLC increased its holdings in shares of Simon Property Group by 153.2% during the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after buying an additional 10,644 shares in the last quarter. Finally, Entropy Technologies LP acquired a new stake in shares of Simon Property Group during the first quarter worth approximately $731,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SPG. Scotiabank increased their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Piper Sandler restated 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. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Truist Financial raised 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 report on Wednesday, August 28th. Finally, Evercore ISI upgraded 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 report on Monday, September 16th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Trading Up 1.9 %

SPG stock traded up $3.27 during midday trading on Friday, reaching $179.02. The company’s stock had a trading volume of 972,330 shares, compared to its average volume of 1,156,906. The business’s 50-day simple moving average is $169.33 and its 200-day simple moving average is $157.55. The stock has a market cap of $58.37 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 10.44 and a beta of 1.74. Simon Property Group, Inc. has a 52 week low of $113.40 and a 52 week high of $179.46. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS 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 analyst estimates of $1.32 billion. During the same period last year, the firm earned $3.20 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect 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 dividend of $2.10 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 annualized dividend and a yield of 4.69%. Simon Property Group’s dividend payout ratio (DPR) is presently 109.19%.

Insider Activity

In other news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.50% 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.