Private Advisor Group LLC Sells 1,729 Shares of Simon Property Group, Inc. (NYSE:SPG)

Private Advisor Group LLC trimmed its position in Simon Property Group, Inc. (NYSE:SPG) by 5.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,133 shares of the real estate investment trust’s stock after selling 1,729 shares during the quarter. Private Advisor Group LLC’s holdings in Simon Property Group were worth $5,093,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SPG. Clearstead Trust LLC acquired a new position in shares of Simon Property Group in the first quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Simon Property Group in the second quarter valued at $25,000. EntryPoint Capital LLC purchased a new position in Simon Property Group in the first quarter valued at $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 buying an additional 160 shares during the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the company’s stock in a transaction that occurred on 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.50% of the company’s stock.

Simon Property Group Stock Down 1.7 %

Shares of SPG opened at $170.52 on Friday. The company has a 50-day simple moving average of $167.66 and a 200-day simple moving average of $155.42. The firm has a market capitalization of $55.58 billion, a P/E ratio of 21.72, a P/E/G ratio of 9.58 and a beta of 1.74. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. Simon Property Group, Inc. has a 52 week low of $104.05 and a 52 week high of $177.08.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the company earned $2.88 EPS. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities research analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a $2.05 dividend. This represents a $8.20 annualized dividend and a yield of 4.81%. The ex-dividend date was Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is 104.46%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Piper Sandler restated a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Stifel Nicolaus reissued a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Scotiabank upped their price objective 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. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Mizuho raised their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.