Norden Group LLC Trims Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Norden Group LLC lessened its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 18.8% in the second quarter, Holdings Channel.com reports. The firm owned 1,947 shares of the real estate investment trust’s stock after selling 451 shares during the period. Norden Group LLC’s holdings in Simon Property Group were worth $296,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Clearstead Trust LLC acquired a new stake in Simon Property Group in the first quarter valued at $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Simon Property Group in the 2nd quarter worth about $25,000. EntryPoint Capital LLC acquired a new stake in shares of Simon Property Group in the 1st quarter valued at about $26,000. Cape Investment Advisory Inc. lifted its position in shares of Simon Property Group by 3,200.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 192 shares during the last quarter. Finally, RFP Financial Group LLC grew its stake in Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 160 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the company’s stock in a transaction on Friday, June 28th. The shares were purchased at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the transaction, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.50% of the company’s stock.

Simon Property Group Stock Down 0.3 %

SPG stock opened at $161.93 on Tuesday. The stock has a market cap of $52.80 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 9.01 and a beta of 1.74. The firm’s 50-day simple moving average is $156.18 and its 200 day simple moving average is $151.23. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last announced 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 firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.88 EPS. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date of this dividend is Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is 101.91%.

Analyst Upgrades and Downgrades

SPG has been the topic of a number of research analyst reports. Argus increased their target price on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Scotiabank raised their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Truist Financial boosted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Evercore ISI increased their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $161.28.

Simon Property Group Company Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.