Rep. Victoria Spartz Sells Off Shares of Simon Property Group, Inc. (NYSE:SPG)

Representative Victoria Spartz (R-Indiana) recently sold shares of Simon Property Group, Inc. (NYSE:SPG). In a filing disclosed on November 04th, the Representative disclosed that they had sold between $1,000,001 and $5,000,000 in Simon Property Group stock on September 20th. The trade occurred in the Representative’s “CHARLES SCHWAB ROTH IRA” account.

Simon Property Group Trading Up 1.3 %

NYSE SPG opened at $174.39 on Wednesday. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The stock’s 50-day simple moving average is $168.77 and its two-hundred day simple moving average is $156.96. Simon Property Group, Inc. has a twelve month low of $113.40 and a twelve month high of $177.08. The company has a market capitalization of $56.86 billion, a price-to-earnings ratio of 23.22, a PEG ratio of 9.54 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. Simon Property Group’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $3.20 earnings per share. Research analysts forecast that Simon Property Group, Inc. will post 12.83 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a $2.10 dividend. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a yield of 4.82%. Simon Property Group’s payout ratio is 111.85%.

Hedge Funds Weigh In On Simon Property Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Aptus Capital Advisors LLC lifted its holdings in Simon Property Group by 3.9% in the third quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock worth $273,000 after buying an additional 61 shares during the period. Inspire Advisors LLC raised its position in shares of Simon Property Group by 1.6% in the 3rd quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock worth $696,000 after acquiring an additional 65 shares in the last quarter. Diligent Investors LLC lifted its stake in shares of Simon Property Group by 0.5% in the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after purchasing an additional 68 shares during the period. Augustine Asset Management Inc. boosted 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 valued at $282,000 after purchasing an additional 68 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its stake in Simon Property Group by 1.1% in the third quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock worth $1,044,000 after purchasing an additional 68 shares during the period. Institutional investors own 93.01% of the company’s stock.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 8.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SPG shares. Scotiabank upped 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 note on Monday, August 26th. 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 research note on Thursday, September 12th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Truist Financial increased 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. Finally, StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $162.78.

About Representative Spartz

Victoria Spartz (Republican Party) is a member of the U.S. House, representing Indiana’s 5th Congressional District. She assumed office on January 3, 2021. Her current term ends on January 3, 2025. Spartz (Republican Party) ran for re-election to the U.S. House to represent Indiana’s 5th Congressional District. She won in the general election on November 8, 2022. On February 3, 2023, Spartz announced she would not seek re-election to the U.S. House. Spartz is a former member of the Indiana State Senate, representing District 20. She was first appointed to the seat in September 2017 following the resignation of incumbent Luke Kenley (R). Victoria Spartz lives in Noblesville, Indiana. Spartz earned a B.S. and M.B.A. from the National University of Economics in Ukraine, and a master’s degree in professional accountancy from Indiana University’s Kelley School of Business. Her career experience includes working as a certified public accountant, an adjunct professor at Indiana University Kelley School of Business, the CFO of the Indiana Attorney General’s office, and owning a business.

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.