Commerce Bank Sells 434 Shares of Simon Property Group, Inc. (NYSE:SPG)

Commerce Bank trimmed its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,597 shares of the real estate investment trust’s stock after selling 434 shares during the period. Commerce Bank’s holdings in Simon Property Group were worth $3,481,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Aptus Capital Advisors LLC raised its stake in Simon Property Group by 3.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock valued at $273,000 after buying an additional 61 shares during the last quarter. Inspire Advisors LLC increased its position in Simon Property Group by 1.6% during the third quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock valued at $696,000 after acquiring an additional 65 shares during the last quarter. Diligent Investors LLC lifted its holdings in Simon Property Group by 0.5% in the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after acquiring an additional 68 shares during the period. Augustine Asset Management Inc. boosted its position in Simon Property Group by 3.8% in the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after purchasing an additional 68 shares during the last quarter. Finally, Bleakley Financial Group LLC grew its stake in shares of Simon Property Group by 1.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after purchasing an additional 68 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

NYSE:SPG opened at $181.14 on Friday. The business’s 50-day simple moving average is $172.55 and its two-hundred day simple moving average is $160.08. Simon Property Group, Inc. has a 52 week low of $119.92 and a 52 week high of $183.96. The stock has a market cap of $59.10 billion, a PE ratio of 24.12, a P/E/G ratio of 10.57 and a beta of 1.74. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last released its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) 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 business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the business posted $3.20 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, analysts forecast that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 4.64%. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is 111.85%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SPG shares. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Mizuho upped their price objective on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Scotiabank raised their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Finally, Piper Sandler reissued a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Insider Buying and Selling

In related news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The shares were bought at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 8.50% of the stock is owned by company insiders.

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.