Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 49.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,367 shares of the real estate investment trust’s stock after selling 16,687 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Simon Property Group were worth $2,935,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in 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 worth $7,258,076,000 after buying an additional 672,941 shares during the period. Boston Partners raised its holdings in shares of 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 worth $363,165,000 after purchasing an additional 92,648 shares during the period. Centersquare Investment Management LLC raised its holdings 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 purchasing an additional 78,866 shares during the period. PGGM Investments raised its holdings in shares of Simon Property Group by 1.9% in 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 during the period. Finally, Hsbc Holdings PLC raised its holdings in shares of Simon Property Group by 6.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,074,587 shares of the real estate investment trust’s stock valued at $162,689,000 after buying an additional 67,513 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Scotiabank boosted their price objective on 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. Mizuho boosted their price objective on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group presently has an average rating of “Hold” and an average target price of $162.78.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction dated 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 of the company’s stock, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Price Performance

Shares of SPG stock opened at $167.70 on Friday. Simon Property Group, Inc. has a 12 month low of $113.40 and a 12 month high of $177.08. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock has a 50 day moving average of $168.55 and a two-hundred day moving average of $156.27. The company has a market capitalization of $54.68 billion, a P/E ratio of 21.31, a P/E/G ratio of 9.77 and a beta of 1.74.

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

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be given a $2.10 dividend. 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 dividend yield of 5.01%. Simon Property Group’s dividend payout ratio (DPR) is currently 104.19%.

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.