Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 13.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,351 shares of the real estate investment trust’s stock after selling 3,210 shares during the quarter. Kentucky Retirement Systems’ holdings in Simon Property Group were worth $3,609,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Orion Portfolio Solutions LLC lifted its stake in Simon Property Group by 1.3% in the 1st quarter. Orion Portfolio Solutions LLC now owns 9,338 shares of the real estate investment trust’s stock valued at $1,461,000 after buying an additional 121 shares in the last quarter. Banco Santander S.A. purchased a new stake in Simon Property Group during the first quarter valued at about $443,000. M&G Plc acquired a new stake in Simon Property Group during the 1st quarter worth approximately $4,654,000. TIAA Trust National Association increased its position in shares of Simon Property Group by 3.7% in the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after acquiring an additional 69 shares in the last quarter. Finally, Catalytic Wealth RIA LLC increased its holdings in Simon Property Group by 10.2% in the 1st quarter. Catalytic Wealth RIA LLC now owns 1,952 shares of the real estate investment trust’s stock valued at $305,000 after purchasing an additional 181 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of recent research reports. Scotiabank boosted their target price 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. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $180.27 on Friday. The stock has a market cap of $58.78 billion, a P/E ratio of 24.00, a P/E/G ratio of 10.52 and a beta of 1.74. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm’s 50-day simple moving average is $170.77 and its 200 day simple moving average is $158.84. Simon Property Group, Inc. has a fifty-two week low of $119.72 and a fifty-two week high of $182.84.

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

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued 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 4.66%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s payout ratio is presently 109.19%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.50% of the company’s stock.

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.