CIBC Asset Management Inc Purchases 1,506 Shares of Simon Property Group, Inc. (NYSE:SPG)

CIBC Asset Management Inc raised its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 45,308 shares of the real estate investment trust’s stock after acquiring an additional 1,506 shares during the period. CIBC Asset Management Inc’s holdings in Simon Property Group were worth $7,658,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Aptus Capital Advisors LLC grew its position in shares of Simon Property Group by 3.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock valued at $273,000 after acquiring an additional 61 shares during the period. Inspire Advisors LLC grew its position in shares of Simon Property Group by 1.6% during the 3rd quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock valued at $696,000 after acquiring an additional 65 shares during the period. Diligent Investors LLC grew its position in shares of Simon Property Group by 0.5% during the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after acquiring an additional 68 shares during the period. Augustine Asset Management Inc. grew its position in shares of Simon Property Group by 3.8% during the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 68 shares during the period. Finally, Bleakley Financial Group LLC grew its position in shares of Simon Property Group by 1.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after acquiring an additional 68 shares during the period. 93.01% of the stock is owned by institutional investors.

Simon Property Group Price Performance

Shares of SPG stock opened at $180.27 on Monday. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04. The company has a market capitalization 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’s 50-day simple moving average is $170.77 and its two-hundred day simple moving average is $158.97. Simon Property Group, Inc. has a one year low of $119.72 and a one year high of $182.84.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data 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). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the business posted $3.20 earnings per share. Simon Property Group’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, December 9th. 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%. Simon Property Group’s dividend payout ratio (DPR) is currently 111.85%.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the company’s stock in a transaction dated 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 purchase, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Truist Financial upped their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $162.78.

Simon Property Group 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.