PFG Investments LLC Acquires 329 Shares of Simon Property Group, Inc. (NYSE:SPG)

PFG Investments LLC raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 9.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,676 shares of the real estate investment trust’s stock after buying an additional 329 shares during the quarter. PFG Investments LLC’s holdings in Simon Property Group were worth $621,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in SPG. Vanguard Group Inc. raised its position in shares of Simon Property Group by 1.5% during the first quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Boston Partners raised its holdings in Simon Property Group by 4.2% in the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after acquiring an additional 92,648 shares in the last quarter. Centersquare Investment Management LLC lifted its position in shares of Simon Property Group by 4.5% in the 1st quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock worth $283,905,000 after acquiring an additional 78,866 shares during the period. PGGM Investments grew its holdings in shares of Simon Property Group by 1.9% during the 2nd quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock worth $187,947,000 after purchasing an additional 23,186 shares in the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Simon Property Group by 6.7% during the second quarter. Hsbc Holdings PLC now owns 1,074,587 shares of the real estate investment trust’s stock valued at $162,689,000 after purchasing an additional 67,513 shares during the period. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Performance

NYSE:SPG opened at $172.52 on Tuesday. The stock has a market capitalization of $56.23 billion, a P/E ratio of 21.98, a price-to-earnings-growth ratio of 9.35 and a beta of 1.74. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 1 year low of $104.24 and a 1 year high of $177.08. The firm has a 50 day moving average of $167.91 and a 200-day moving average of $155.70.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the firm posted $2.88 EPS. Simon Property Group’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were paid a $2.05 dividend. The ex-dividend date was Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.75%. Simon Property Group’s payout ratio is currently 104.46%.

Analysts Set New Price Targets

SPG has been the subject of several research reports. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler reiterated a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Scotiabank upped their target price 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. Mizuho raised their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Finally, Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $162.78.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 8.50% of the stock is owned by company insiders.

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.