MAI Capital Management Has $448,000 Holdings in Simon Property Group, Inc. (NYSE:SPG)

MAI Capital Management cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 60.2% during the third quarter, HoldingsChannel.com reports. The firm owned 2,648 shares of the real estate investment trust’s stock after selling 3,997 shares during the period. MAI Capital Management’s holdings in Simon Property Group were worth $448,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of SPG. Wealth Enhancement Advisory Services LLC raised its stake in shares of Simon Property Group by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after buying an additional 3,626 shares in the last quarter. Red Cedar Investment Management LLC raised its position in Simon Property Group by 153.2% in the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after purchasing an additional 10,644 shares in the last quarter. TTP Investments Inc. raised its position in Simon Property Group by 42.0% in the third quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after purchasing an additional 10,147 shares in the last quarter. Forte Capital LLC ADV bought a new position in Simon Property Group during the third quarter worth about $630,000. Finally, Radnor Capital Management LLC acquired a new stake in Simon Property Group during the third quarter valued at approximately $1,602,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Mizuho raised their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Scotiabank boosted 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. Truist Financial upped their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $160.00 to $172.00 in a report on Monday, September 16th. Finally, 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. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $162.78.

Insider Buying and Selling at Simon Property Group

In other news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average price of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.50% of the company’s stock.

Simon Property Group Trading Down 0.4 %

SPG stock opened at $181.14 on Friday. The business has a fifty day moving average of $172.55 and a 200-day moving average of $160.08. The company has a market cap of $59.10 billion, a P/E ratio of 24.12, a PEG ratio of 10.57 and a beta of 1.74. Simon Property Group, Inc. has a twelve month low of $119.92 and a twelve month high of $183.96. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last released its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company posted $3.20 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date of this dividend is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is currently 111.85%.

Simon Property Group 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.