Simon Property Group, Inc. (NYSE:SPG) Stake Increased by GAMMA Investing LLC

GAMMA Investing LLC grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 23.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,701 shares of the real estate investment trust’s stock after purchasing an additional 889 shares during the quarter. GAMMA Investing LLC’s holdings in Simon Property Group were worth $795,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of SPG. Clearstead Trust LLC purchased a new position in Simon Property Group during the 1st quarter worth approximately $25,000. EntryPoint Capital LLC acquired a new stake in Simon Property Group during the first quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Simon Property Group in the second quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group during the second quarter worth about $27,000. Finally, Pathway Financial Advisers LLC acquired a new stake in Simon Property Group in the 1st quarter valued at $29,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on SPG shares. Argus upped their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Scotiabank boosted their target price 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. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Finally, Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Price Performance

Simon Property Group stock opened at $167.23 on Wednesday. The company has a market cap of $54.51 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 9.23 and a beta of 1.74. Simon Property Group, Inc. has a 12 month low of $103.36 and a 12 month high of $170.87. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The business’s 50 day simple moving average is $162.64 and its 200 day simple moving average is $153.43.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data 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 business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.88 EPS. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were given a dividend of $2.05 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s payout ratio is presently 104.46%.

Insiders Place Their Bets

In related news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction dated 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 directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company 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.