Martingale Asset Management L P Decreases Holdings in Simon Property Group, Inc. (NYSE:SPG)

Martingale Asset Management L P decreased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 71.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,482 shares of the real estate investment trust’s stock after selling 3,676 shares during the quarter. Martingale Asset Management L P’s holdings in Simon Property Group were worth $250,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Aptus Capital Advisors LLC lifted its stake in Simon Property Group by 3.9% in 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 in the last quarter. Inspire Advisors LLC lifted its stake in Simon Property Group by 1.6% in the 3rd quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock valued at $696,000 after buying an additional 65 shares in the last quarter. Diligent Investors LLC lifted its stake in Simon Property Group by 0.5% in the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after buying an additional 68 shares in the last quarter. Augustine Asset Management Inc. lifted its stake in Simon Property Group by 3.8% in the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 68 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its holdings in Simon Property Group by 1.1% in 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 acquiring an additional 68 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Up 0.5 %

SPG stock opened at $181.51 on Thursday. The company has a market cap of $59.22 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 10.59 and a beta of 1.75. 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 business has a fifty day simple moving average of $175.03 and a 200-day simple moving average of $162.05. Simon Property Group, Inc. has a 52 week low of $129.08 and a 52 week high of $186.00.

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 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 firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company earned $3.20 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities research analysts expect that Simon Property Group, Inc. will post 12.78 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. Shareholders of record on Monday, December 9th will be given a $2.10 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio is presently 111.85%.

Analysts Set New Price Targets

Several brokerages have weighed in on SPG. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Scotiabank boosted their price target on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price target (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial boosted their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Finally, Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $160.00 to $172.00 in a report on Monday, September 16th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $165.44.

Insider Buying and Selling at Simon Property Group

In other news, Director Allan B. Hubbard acquired 370 shares of the firm’s 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 directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 1.09 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 8.50% of the stock is currently owned by corporate 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.