Cornerstone Wealth Management LLC Sells 141 Shares of Simon Property Group, Inc. (NYSE:SPG)

Cornerstone Wealth Management LLC trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 7.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,670 shares of the real estate investment trust’s stock after selling 141 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Simon Property Group were worth $282,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPG. Wellington Management Group LLP raised its holdings in Simon Property Group by 61.5% in the 4th quarter. Wellington Management Group LLP now owns 490,187 shares of the real estate investment trust’s stock worth $69,920,000 after purchasing an additional 186,740 shares during the period. Los Angeles Capital Management LLC lifted its position in shares of Simon Property Group by 11.9% during the 1st quarter. Los Angeles Capital Management LLC now owns 4,524 shares of the real estate investment trust’s stock valued at $708,000 after buying an additional 481 shares in the last quarter. Park Avenue Securities LLC grew its stake in shares of Simon Property Group by 4.5% during the 1st quarter. Park Avenue Securities LLC now owns 14,186 shares of the real estate investment trust’s stock valued at $2,220,000 after acquiring an additional 617 shares during the period. Ballentine Partners LLC increased its holdings in Simon Property Group by 8.1% in the 1st quarter. Ballentine Partners LLC now owns 4,238 shares of the real estate investment trust’s stock worth $663,000 after acquiring an additional 316 shares in the last quarter. Finally, Global Assets Advisory LLC bought a new stake in Simon Property Group during the 1st quarter worth approximately $4,107,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Allan B. Hubbard purchased 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 8.60% of the company’s stock.

Simon Property Group Trading Up 1.5 %

Shares of SPG opened at $176.92 on Friday. Simon Property Group, Inc. has a fifty-two week low of $104.05 and a fifty-two week high of $177.08. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The company’s fifty day moving average is $165.93 and its 200 day moving average is $154.62. The stock has a market capitalization of $57.68 billion, a PE ratio of 22.48, a P/E/G ratio of 9.41 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last issued 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 company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the company earned $2.88 earnings per share. Sell-side analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company 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 a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.63%. Simon Property Group’s payout ratio is 104.19%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. 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 report on Monday, September 16th. Piper Sandler reiterated a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Truist Financial boosted their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Finally, StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $162.78.

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.