Resonant Capital Advisors LLC Grows Position in Simon Property Group, Inc. (NYSE:SPG)

Resonant Capital Advisors LLC boosted its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,143 shares of the real estate investment trust’s stock after acquiring an additional 83 shares during the period. Resonant Capital Advisors LLC’s holdings in Simon Property Group were worth $362,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. grew 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 purchasing an additional 672,941 shares in the last quarter. Boston Partners boosted its position in shares of Simon Property Group by 4.2% during 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 during the last quarter. Centersquare Investment Management LLC boosted its stake in shares of Simon Property Group by 4.5% during 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 grew its position in 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 valued at $187,947,000 after acquiring an additional 23,186 shares during the last quarter. Finally, Hsbc Holdings PLC lifted 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 worth $162,689,000 after purchasing an additional 67,513 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. 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. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $160.00 to $172.00 in a report on Monday, September 16th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. 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 report on Monday, August 26th. Finally, Truist Financial increased their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $162.78.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction dated Monday, September 30th. The stock was purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 8.50% of the company’s stock.

Simon Property Group Trading Up 1.5 %

Shares of NYSE SPG opened at $176.92 on Monday. Simon Property Group, Inc. has a 1-year low of $104.05 and a 1-year high of $177.08. The business has a fifty day moving average price of $165.93 and a 200 day moving average price of $154.66. The stock has a market capitalization of $57.67 billion, a P/E ratio of 22.54, a price-to-earnings-growth ratio of 9.41 and a beta of 1.74. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04.

Simon Property Group (NYSE:SPG) last released 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). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the previous year, the company posted $2.88 earnings per share. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. Equities research analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were issued a $2.05 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.63%. The ex-dividend date was Monday, September 9th. Simon Property Group’s payout ratio is currently 104.46%.

About Simon Property Group

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.