Simon Property Group, Inc. (NYSE:SPG) Stock Position Reduced by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 72.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,666 shares of the real estate investment trust’s stock after selling 7,168 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Simon Property Group were worth $405,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in SPG. Clearstead Trust LLC bought a new stake in Simon Property Group in the first quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group in the second quarter worth approximately $25,000. EntryPoint Capital LLC bought a new stake in Simon Property Group in the first quarter worth approximately $26,000. Wetzel Investment Advisors Inc. bought a new stake in Simon Property Group in the second quarter worth approximately $27,000. Finally, Cape Investment Advisory Inc. grew its position in Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 192 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Piper Sandler restated a “neutral” rating and issued a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Mizuho boosted their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Truist Financial boosted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Argus boosted their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Simon Property Group has an average rating of “Hold” and an average target price of $162.78.

Simon Property Group Price Performance

NYSE:SPG opened at $166.55 on Monday. The stock has a market cap of $54.29 billion, a P/E ratio of 21.22, a PEG ratio of 9.04 and a beta of 1.74. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $169.18. The company has a fifty day moving average price of $159.20 and a 200 day moving average price of $152.14. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.88 earnings per share. Analysts anticipate that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a $2.05 dividend. This represents a $8.20 annualized dividend and a yield of 4.92%. The ex-dividend date is Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is 104.46%.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction on Friday, June 28th. The shares were purchased at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 8.50% of the company’s stock.

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.