Tower Bridge Advisors Sells 325 Shares of Simon Property Group, Inc. (NYSE:SPG)

Tower Bridge Advisors reduced its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,450 shares of the real estate investment trust’s stock after selling 325 shares during the quarter. Tower Bridge Advisors’ holdings in Simon Property Group were worth $2,068,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SPG. Park Square Financial Group LLC grew its holdings in Simon Property Group by 108.0% in the first quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 81 shares during the period. Richardson Financial Services Inc. lifted its position in Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 111 shares in the last quarter. Continuum Advisory LLC lifted its position in Simon Property Group by 421.6% during the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 156 shares in the last quarter. Colonial Trust Co SC raised its position in Simon Property Group by 37.5% in the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 57 shares during the period. Finally, AdvisorNet Financial Inc raised its position in Simon Property Group by 77.2% in the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 95 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Larry C. Glasscock acquired 396 shares of the business’s stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $159.29 per share, with a total value of $63,078.84. Following the transaction, the director directly owned 43,185 shares of the company’s stock, valued at $6,878,938.65. This trade represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Reuben S. Leibowitz acquired 522 shares of the business’s stock in a transaction dated Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $83,149.38. Following the transaction, the director directly owned 58,195 shares in the company, valued at approximately $9,269,881.55. This represents a 0.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 2,386 shares of company stock valued at $380,066. Corporate insiders own 8.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SPG. JPMorgan Chase & Co. lowered their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Barclays assumed coverage on Simon Property Group in a research note on Wednesday, July 2nd. They set an “equal weight” rating and a $170.00 target price for the company. Mizuho decreased their target price on Simon Property Group from $182.00 to $169.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 10th. Stifel Nicolaus lifted their price objective on Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Finally, Piper Sandler reduced their price objective on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, May 23rd. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and an average target price of $182.73.

Simon Property Group Stock Up 1.7%

Shares of SPG opened at $168.07 on Wednesday. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45. The firm has a market capitalization of $54.86 billion, a price-to-earnings ratio of 26.76, a PEG ratio of 11.16 and a beta of 1.43. The business’s fifty day moving average price is $161.55 and its two-hundred day moving average price is $165.32.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.04. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company posted $3.56 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were paid a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 5.00%. The ex-dividend date was Monday, June 9th. Simon Property Group’s dividend payout ratio (DPR) is currently 133.76%.

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.