Inspire Trust Co. N.A. Acquires 1,000 Shares of Simon Property Group, Inc. (NYSE:SPG)

Inspire Trust Co. N.A. lifted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 8.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 12,500 shares of the real estate investment trust’s stock after acquiring an additional 1,000 shares during the quarter. Inspire Trust Co. N.A.’s holdings in Simon Property Group were worth $2,113,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Synovus Financial Corp boosted its holdings in shares of Simon Property Group by 50.7% during the 3rd quarter. Synovus Financial Corp now owns 2,607 shares of the real estate investment trust’s stock valued at $440,000 after acquiring an additional 877 shares during the last quarter. Blankinship & Foster LLC bought a new position in Simon Property Group during the third quarter valued at approximately $608,000. Wilmington Savings Fund Society FSB purchased a new stake in Simon Property Group in the third quarter worth approximately $834,000. World Investment Advisors LLC grew its position in Simon Property Group by 17.3% in the 3rd quarter. World Investment Advisors LLC now owns 3,534 shares of the real estate investment trust’s stock worth $597,000 after purchasing an additional 521 shares during the period. Finally, Sanctuary Advisors LLC grew its position in Simon Property Group by 19.4% in the 3rd quarter. Sanctuary Advisors LLC now owns 39,783 shares of the real estate investment trust’s stock worth $7,206,000 after purchasing an additional 6,475 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Trading Up 0.3 %

Shares of NYSE:SPG opened at $177.20 on Friday. The stock has a 50 day moving average of $176.45 and a 200 day moving average of $163.34. The company has a market cap of $57.82 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 10.33 and a beta of 1.75. Simon Property Group, Inc. has a 12-month low of $133.11 and a 12-month high of $186.00. The company has a current ratio of 2.00, a quick 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 for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the firm posted $3.20 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.76 EPS for the current year.

Simon Property Group Increases Dividend

The firm 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 dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 4.74%. The ex-dividend date of this dividend is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is 111.85%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SPG shares. Piper Sandler restated a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Mizuho boosted their price target on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. 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. Finally, Scotiabank raised their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group presently has a consensus rating of “Hold” and a consensus target price of $165.44.

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 insiders.

Simon Property Group Company 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.