Allan B. Hubbard Buys 370 Shares of Simon Property Group, Inc. (NYSE:SPG) Stock

Simon Property Group, Inc. (NYSE:SPG) Director Allan B. Hubbard purchased 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, for a total transaction 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 $5,738,557.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Simon Property Group Trading Down 0.6 %

Shares of Simon Property Group stock opened at $168.54 on Thursday. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a market capitalization of $54.95 billion, a P/E ratio of 21.47, a P/E/G ratio of 9.19 and a beta of 1.74. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $170.87. The stock’s 50-day simple moving average is $161.62 and its 200 day simple moving average is $153.14.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.88 earnings per share. As a group, research analysts anticipate that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were issued a $2.05 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SPG. Scotiabank boosted their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Piper Sandler restated a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Mizuho lifted their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Finally, Argus lifted their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $162.78.

Hedge Funds Weigh In On Simon Property Group

Several hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new stake in Simon Property Group during the 2nd quarter worth about $4,742,000. EP Wealth Advisors LLC bought a new stake in shares of Simon Property Group during the second quarter valued at about $218,000. Quarry LP lifted its holdings in shares of Simon Property Group by 99.7% in the second quarter. Quarry LP now owns 641 shares of the real estate investment trust’s stock worth $97,000 after buying an additional 320 shares in the last quarter. Sunbelt Securities Inc. lifted its holdings in shares of Simon Property Group by 15.7% in the second quarter. Sunbelt Securities Inc. now owns 3,678 shares of the real estate investment trust’s stock worth $558,000 after buying an additional 500 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in Simon Property Group by 14.1% during the second quarter. NewEdge Advisors LLC now owns 13,400 shares of the real estate investment trust’s stock valued at $2,034,000 after acquiring an additional 1,654 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

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.