Simon Property Group, Inc. (NYSE:SPG) Stock Position Lifted by Edgestream Partners L.P.

Edgestream Partners L.P. boosted its stake in Simon Property Group, Inc. (NYSE:SPG) by 301.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,828 shares of the real estate investment trust’s stock after buying an additional 41,929 shares during the quarter. Simon Property Group makes up about 0.4% of Edgestream Partners L.P.’s holdings, making the stock its 13th biggest position. Edgestream Partners L.P.’s holdings in Simon Property Group were worth $9,436,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of SPG. Tidal Investments LLC lifted its holdings in shares of Simon Property Group by 19.5% during the 1st quarter. Tidal Investments LLC now owns 12,849 shares of the real estate investment trust’s stock valued at $2,006,000 after buying an additional 2,099 shares during the last quarter. Atria Investments Inc raised its position in Simon Property Group by 6.0% during the first quarter. Atria Investments Inc now owns 27,651 shares of the real estate investment trust’s stock valued at $4,327,000 after acquiring an additional 1,554 shares in the last quarter. Burney Co. acquired a new stake in Simon Property Group in the first quarter valued at approximately $210,000. Cetera Investment Advisers grew its position in Simon Property Group by 145.4% in the first quarter. Cetera Investment Advisers now owns 62,605 shares of the real estate investment trust’s stock worth $9,797,000 after acquiring an additional 37,093 shares in the last quarter. Finally, Cetera Advisors LLC increased its stake in shares of Simon Property Group by 210.5% during the 1st quarter. Cetera Advisors LLC now owns 19,936 shares of the real estate investment trust’s stock worth $3,120,000 after purchasing an additional 13,515 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SPG. Scotiabank upped their price objective on shares of 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 research note on Thursday, October 10th. Mizuho raised their price objective 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. Piper Sandler restated a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Truist Financial increased their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $183.71 on Friday. Simon Property Group, Inc. has a 12 month low of $122.50 and a 12 month high of $186.00. The company has a market cap of $59.94 billion, a P/E ratio of 24.46, a P/E/G ratio of 10.73 and a beta of 1.74. The business’s 50 day moving average is $174.30 and its two-hundred day moving average is $161.30. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last announced its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) 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%. During the same period last year, the firm posted $3.20 EPS. The company’s revenue was up 4.9% compared to the same quarter last year. On average, equities analysts expect that Simon Property Group, Inc. will post 12.78 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.57%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is currently 109.19%.

Insider Buying and Selling

In other news, Director Allan B. Hubbard purchased 370 shares of the business’s stock in a transaction 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 acquisition, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 8.50% of the stock is owned by company insiders.

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.