Kovack Advisors Inc. Lowers Holdings in Simon Property Group, Inc. (NYSE:SPG)

Kovack Advisors Inc. lowered its position in Simon Property Group, Inc. (NYSE:SPG) by 19.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,408 shares of the real estate investment trust’s stock after selling 346 shares during the quarter. Kovack Advisors Inc.’s holdings in Simon Property Group were worth $238,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Clearstead Trust LLC bought a new position in shares of Simon Property Group during the 1st quarter worth $25,000. Opal Wealth Advisors LLC bought a new position in Simon Property Group during the 2nd quarter worth about $25,000. EntryPoint Capital LLC purchased a new position in Simon Property Group during the 1st quarter valued at about $26,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Simon Property Group in the 2nd quarter valued at about $27,000. Finally, RFP Financial Group LLC lifted its position in shares of 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. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPG. Stifel Nicolaus reissued a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Truist Financial upped their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Mizuho lifted their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Finally, Scotiabank increased their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $162.78.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 1.09 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.50% of the stock is currently owned by insiders.

Simon Property Group Price Performance

Shares of SPG stock opened at $180.27 on Friday. Simon Property Group, Inc. has a fifty-two week low of $119.72 and a fifty-two week high of $182.84. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.04 and a current ratio of 2.00. The firm has a market capitalization of $58.77 billion, a price-to-earnings ratio of 24.00, a PEG ratio of 10.45 and a beta of 1.74. The stock’s 50-day simple moving average is $170.46 and its 200-day simple moving average is $158.47.

Simon Property Group (NYSE:SPG) last released its earnings results 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 during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business 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, equities analysts forecast that Simon Property Group, Inc. will post 12.79 earnings per share 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. Investors of record on Monday, December 9th will be paid a $2.10 dividend. 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 dividend on an annualized basis and a yield of 4.66%. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

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.