Algert Global LLC Buys 12,816 Shares of Simon Property Group, Inc. (NYSE:SPG)

Algert Global LLC lifted its position in Simon Property Group, Inc. (NYSE:SPG) by 456.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,621 shares of the real estate investment trust’s stock after buying an additional 12,816 shares during the period. Algert Global LLC’s holdings in Simon Property Group were worth $2,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Canopy Partners LLC purchased a new position in Simon Property Group in the third quarter worth about $217,000. Cerity Partners LLC lifted its stake in shares of Simon Property Group by 45.9% in the 3rd quarter. Cerity Partners LLC now owns 47,364 shares of the real estate investment trust’s stock worth $8,006,000 after purchasing an additional 14,893 shares during the period. Great Valley Advisor Group Inc. lifted its stake in shares of Simon Property Group by 5.8% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 26,390 shares of the real estate investment trust’s stock worth $4,460,000 after purchasing an additional 1,435 shares during the period. Meridian Wealth Management LLC purchased a new position in shares of Simon Property Group in the third quarter worth approximately $378,000. Finally, Icon Wealth Advisors LLC grew its position in Simon Property Group by 8,856.3% during the third quarter. Icon Wealth Advisors LLC now owns 128,254 shares of the real estate investment trust’s stock valued at $21,677,000 after buying an additional 126,822 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Up 1.9 %

SPG stock opened at $183.48 on Wednesday. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. Simon Property Group, Inc. has a 1-year low of $119.92 and a 1-year high of $183.96. The business has a 50 day simple moving average of $173.24 and a two-hundred day simple moving average of $160.72. The company has a market capitalization of $59.87 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 10.57 and a beta of 1.74.

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

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a $2.10 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s payout ratio is currently 111.85%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Scotiabank increased their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Mizuho lifted their target price 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 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. Truist Financial lifted their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $162.78.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the purchase, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.50% of the stock is owned by corporate insiders.

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.