Simon Property Group, Inc. (NYSE:SPG) Shares Bought by Sunbelt Securities Inc.

Sunbelt Securities Inc. increased its position in Simon Property Group, Inc. (NYSE:SPG) by 15.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 3,678 shares of the real estate investment trust’s stock after purchasing an additional 500 shares during the period. Sunbelt Securities Inc.’s holdings in Simon Property Group were worth $558,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Scotia Capital Inc. grew its holdings in shares of Simon Property Group by 14.0% during the fourth quarter. Scotia Capital Inc. now owns 7,397 shares of the real estate investment trust’s stock worth $1,055,000 after buying an additional 910 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Simon Property Group by 33.5% in the fourth quarter. Bank of Nova Scotia now owns 40,496 shares of the real estate investment trust’s stock valued at $5,776,000 after purchasing an additional 10,162 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Simon Property Group by 4.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 276,617 shares of the real estate investment trust’s stock worth $39,457,000 after purchasing an additional 11,933 shares during the last quarter. NEOS Investment Management LLC lifted its holdings in shares of Simon Property Group by 46.2% during the fourth quarter. NEOS Investment Management LLC now owns 4,400 shares of the real estate investment trust’s stock worth $628,000 after purchasing an additional 1,391 shares during the period. Finally, Rafferty Asset Management LLC grew its position in Simon Property Group by 19.7% in the 4th quarter. Rafferty Asset Management LLC now owns 43,752 shares of the real estate investment trust’s stock valued at $6,241,000 after buying an additional 7,207 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $169.63 on Wednesday. The company has a market cap of $55.31 billion, a PE ratio of 21.61, a price-to-earnings-growth ratio of 9.19 and a beta of 1.74. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $170.87. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The company has a 50-day simple moving average of $161.25 and a 200-day simple moving average of $153.04.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the firm earned $2.88 earnings per share. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, equities analysts anticipate 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 was paid on Monday, September 30th. Investors of record on Monday, September 9th were issued a $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a yield of 4.83%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s payout ratio is presently 104.46%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares in the company, valued at $5,738,557.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.50% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on SPG. Truist Financial increased their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. 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 note on Monday, August 26th. Argus raised their target price on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Mizuho upped their price target 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. Finally, Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $162.78.

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.