Louisiana State Employees Retirement System Reduces Holdings in Simon Property Group, Inc. (NYSE:SPG)

Louisiana State Employees Retirement System lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 6.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,300 shares of the real estate investment trust’s stock after selling 1,100 shares during the period. Louisiana State Employees Retirement System’s holdings in Simon Property Group were worth $2,924,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in SPG. Allworth Financial LP grew its stake in shares of Simon Property Group by 16.0% in the third quarter. Allworth Financial LP now owns 1,310 shares of the real estate investment trust’s stock valued at $221,000 after buying an additional 181 shares in the last quarter. Legacy Wealth Asset Management LLC raised its stake in Simon Property Group by 1.4% in the third quarter. Legacy Wealth Asset Management LLC now owns 14,213 shares of the real estate investment trust’s stock valued at $2,402,000 after buying an additional 190 shares in the last quarter. Mediolanum International Funds Ltd acquired a new stake in Simon Property Group during the third quarter worth approximately $759,000. Ballentine Partners LLC boosted its stake in Simon Property Group by 1.6% in the third quarter. Ballentine Partners LLC now owns 4,702 shares of the real estate investment trust’s stock valued at $795,000 after acquiring an additional 75 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Simon Property Group by 8.6% during the third quarter. Assenagon Asset Management S.A. now owns 7,650 shares of the real estate investment trust’s stock worth $1,293,000 after buying an additional 607 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Simon Property Group

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on SPG. Scotiabank lifted their target price on 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. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Truist Financial lifted their price objective 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. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price target (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Finally, Mizuho increased 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. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Simon Property Group presently has a consensus rating of “Hold” and an average price target of $162.78.

Simon Property Group Trading Down 1.7 %

Simon Property Group stock opened at $170.52 on Monday. The firm has a market cap of $55.58 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 9.58 and a beta of 1.74. Simon Property Group, Inc. has a 1 year low of $104.05 and a 1 year high of $177.08. The firm’s 50 day moving average price is $167.66 and its two-hundred day moving average price is $155.52. 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 (NYSE:SPG) last posted its quarterly earnings data 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 company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm posted $2.88 EPS. Simon Property Group’s quarterly revenue was up 4.8% on a year-over-year basis. On average, research analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were given a dividend of $2.05 per share. This represents a $8.20 annualized dividend and a yield of 4.81%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s payout ratio is presently 104.46%.

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.