Waters Parkerson & CO. LLC Sells 400 Shares of Simon Property Group, Inc. (NYSE:SPG)

Waters Parkerson & CO. LLC cut its position in Simon Property Group, Inc. (NYSE:SPG) by 1.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,480 shares of the real estate investment trust’s stock after selling 400 shares during the quarter. Waters Parkerson & CO. LLC’s holdings in Simon Property Group were worth $5,386,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SPG. Canada Pension Plan Investment Board increased its stake in shares of Simon Property Group by 1.5% in the second quarter. Canada Pension Plan Investment Board now owns 1,065,067 shares of the real estate investment trust’s stock worth $161,677,000 after purchasing an additional 15,600 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in Simon Property Group by 5.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,934 shares of the real estate investment trust’s stock valued at $597,000 after acquiring an additional 206 shares during the period. Ieq Capital LLC lifted its position in shares of Simon Property Group by 11.5% during the second quarter. Ieq Capital LLC now owns 14,366 shares of the real estate investment trust’s stock worth $2,181,000 after acquiring an additional 1,484 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Simon Property Group by 147.6% during the second quarter. Intech Investment Management LLC now owns 25,904 shares of the real estate investment trust’s stock worth $3,932,000 after acquiring an additional 15,442 shares in the last quarter. Finally, Riverview Capital Advisers LLC boosted its holdings in shares of Simon Property Group by 0.4% in the second quarter. Riverview Capital Advisers LLC now owns 57,668 shares of the real estate investment trust’s stock worth $8,754,000 after acquiring an additional 219 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Up 1.6 %

SPG stock opened at $167.05 on Friday. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $169.18. The company has a market capitalization of $54.46 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 9.04 and a beta of 1.74. The company’s 50 day moving average price is $158.86 and its two-hundred day moving average price is $152.03. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

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

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.91%. Simon Property Group’s dividend payout ratio is currently 104.46%.

Analysts Set New Price Targets

Several research analysts have commented on SPG shares. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Argus raised their price target on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Scotiabank lifted their price target on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Truist Financial raised their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Finally, Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $160.00 to $172.00 in a research note on Monday. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $162.78.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz acquired 486 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was purchased at an average price of $150.17 per share, with a total value of $72,982.62. Following the completion of the purchase, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 8.50% of the company’s stock.

About Simon Property Group

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.