New England Research & Management Inc. Reduces Stake in Simon Property Group, Inc. (NYSE:SPG)

New England Research & Management Inc. decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 61.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,580 shares of the real estate investment trust’s stock after selling 4,200 shares during the period. New England Research & Management Inc.’s holdings in Simon Property Group were worth $436,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SPG. Clearstead Trust LLC purchased a new stake in Simon Property Group during the 1st quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new stake in Simon Property Group during the 2nd quarter worth about $25,000. EntryPoint Capital LLC purchased a new stake in Simon Property Group during the 1st quarter worth about $26,000. Wetzel Investment Advisors Inc. purchased a new stake in Simon Property Group during the 2nd quarter worth about $27,000. Finally, RFP Financial Group LLC lifted its holdings in Simon Property Group by 727.3% during the 2nd 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. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Buying and Selling

In related news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Price Performance

Shares of Simon Property Group stock traded down $2.07 during trading on Monday, hitting $167.51. 1,069,301 shares of the stock traded hands, compared to its average volume of 1,481,771. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock has a market cap of $54.61 billion, a price-to-earnings ratio of 21.34, a PEG ratio of 9.23 and a beta of 1.74. The firm’s fifty day moving average is $162.34 and its 200-day moving average is $153.35. Simon Property Group, Inc. has a 52 week low of $103.36 and a 52 week high of $170.87.

Simon Property Group (NYSE:SPG) last announced 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 firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate 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 last year, the company posted $2.88 earnings per share. Research analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a dividend of $2.05 per share. This represents a $8.20 annualized dividend and a yield of 4.90%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date was Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

Analyst Ratings Changes

A number of brokerages have weighed in on SPG. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Scotiabank upped their target price 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. Stifel Nicolaus restated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Finally, Truist Financial upped their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Company 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.