Parallel Advisors LLC Has $730,000 Position in Simon Property Group, Inc. (NYSE:SPG)

Parallel Advisors LLC boosted its stake in Simon Property Group, Inc. (NYSE:SPG) by 3.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,810 shares of the real estate investment trust’s stock after purchasing an additional 163 shares during the quarter. Parallel Advisors LLC’s holdings in Simon Property Group were worth $730,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPG. Vanguard Group Inc. grew its stake in shares of Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after buying an additional 672,941 shares during the period. Boston Partners boosted its holdings in Simon Property Group by 4.2% in the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock worth $363,165,000 after acquiring an additional 92,648 shares in the last quarter. Centersquare Investment Management LLC grew its stake in Simon Property Group by 4.5% in the first quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock valued at $283,905,000 after acquiring an additional 78,866 shares during the period. PGGM Investments increased its holdings in shares of Simon Property Group by 1.9% during the second quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock valued at $187,947,000 after acquiring an additional 23,186 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Simon Property Group by 13.7% during the fourth quarter. Sei Investments Co. now owns 1,086,852 shares of the real estate investment trust’s stock worth $155,030,000 after purchasing an additional 130,729 shares during the period. 93.01% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Stifel Nicolaus restated 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. Piper Sandler reiterated a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Scotiabank increased their price objective 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. Finally, Truist Financial lifted their target price on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Stock Performance

SPG stock opened at $164.95 on Tuesday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The firm has a market cap of $53.78 billion, a PE ratio of 21.01, a P/E/G ratio of 8.97 and a beta of 1.74. The business has a 50 day moving average of $157.84 and a 200-day moving average of $151.74. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month high of $169.18.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.88 EPS. As a group, sell-side analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a yield of 4.97%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date is Monday, September 9th. Simon Property Group’s payout ratio is presently 104.46%.

Simon Property Group Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.