Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems lessened its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,561 shares of the real estate investment trust’s stock after selling 190 shares during the quarter. Kentucky Retirement Systems’ holdings in Simon Property Group were worth $3,728,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Diligent Investors LLC grew its position in shares of Simon Property Group by 0.5% during the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after acquiring an additional 68 shares during the last quarter. Augustine Asset Management Inc. grew its position in shares of Simon Property Group by 3.8% during the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after acquiring an additional 68 shares during the last quarter. TIAA Trust National Association grew its position in shares of Simon Property Group by 3.7% during the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after acquiring an additional 69 shares during the last quarter. Inspire Advisors LLC grew its position in Simon Property Group by 1.7% in the 1st quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock valued at $646,000 after buying an additional 70 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its position in Simon Property Group by 26.9% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 73 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Up 1.6 %

SPG opened at $167.05 on Friday. 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 stock has a market capitalization of $54.46 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 9.04 and a beta of 1.74. The business has a 50-day moving average of $158.86 and a two-hundred day moving average of $152.03. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $169.18.

Simon Property Group (NYSE:SPG) last posted its quarterly 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 business had revenue of $1.32 billion during 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 firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.88 EPS. On average, research analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 represents a $8.20 dividend on an annualized basis and a dividend yield of 4.91%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is presently 104.46%.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 486 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was acquired at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the acquisition, the director now owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SPG shares. Scotiabank lifted their price objective on shares of 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. Argus lifted their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and raised their target price for the company from $160.00 to $172.00 in a report on Monday. Finally, Truist Financial raised their target price on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $162.78.

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.