Foundry Partners LLC Reduces Holdings in Simon Property Group, Inc. (NYSE:SPG)

Foundry Partners LLC reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 7.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 190,378 shares of the real estate investment trust’s stock after selling 14,763 shares during the period. Simon Property Group accounts for approximately 1.6% of Foundry Partners LLC’s portfolio, making the stock its 9th largest holding. Foundry Partners LLC owned approximately 0.06% of Simon Property Group worth $32,178,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in shares of Simon Property Group in the second quarter worth $25,000. EntryPoint Capital LLC bought a new stake in Simon Property Group during the first quarter valued at approximately $26,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group in the 2nd quarter worth approximately $27,000. RFP Financial Group LLC lifted 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 acquiring an additional 160 shares during the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Simon Property Group in the first quarter valued at $29,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Activity

In related news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 8.50% of the company’s stock.

Analyst Upgrades and Downgrades

SPG has been the subject of several research reports. Scotiabank upped their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their target price for the company from $160.00 to $172.00 in a report on Monday, September 16th. Stifel Nicolaus restated a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Truist Financial lifted their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. 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, the stock currently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Trading Down 0.2 %

NYSE SPG opened at $180.91 on Thursday. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm has a market capitalization of $59.03 billion, a PE ratio of 24.09, a P/E/G ratio of 10.57 and a beta of 1.74. The stock’s 50 day moving average is $171.85 and its 200 day moving average is $159.67. Simon Property Group, Inc. has a twelve month low of $119.92 and a twelve month high of $182.84.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business earned $3.20 earnings per share. Research 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 business also recently declared 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 annualized dividend and a yield of 4.64%. The ex-dividend date 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 currently 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.