Bamco Inc. NY Lowers Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Bamco Inc. NY reduced its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 39.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,141 shares of the real estate investment trust’s stock after selling 16,934 shares during the period. Bamco Inc. NY’s holdings in Simon Property Group were worth $4,418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SPG. Opal Wealth Advisors LLC bought a new position in shares of Simon Property Group during the 2nd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. bought a new stake in Simon Property Group during the second quarter worth $27,000. RFP Financial Group LLC boosted its position in Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 160 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Simon Property Group in the 2nd quarter valued at $30,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Simon Property Group during the 3rd quarter valued at $30,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Simon Property Group Trading Down 0.4 %

NYSE:SPG opened at $180.67 on Wednesday. Simon Property Group, Inc. has a 1 year low of $127.60 and a 1 year high of $186.00. The stock’s fifty day moving average price is $174.78 and its two-hundred day moving average price is $161.91. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The company has a market cap of $58.95 billion, a P/E ratio of 24.06, a P/E/G ratio of 10.59 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last issued 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 return on equity of 76.21% and a net margin of 43.36%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the company posted $3.20 EPS. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, analysts expect that Simon Property Group, Inc. will post 12.78 EPS for the current year.

Simon Property Group Increases Dividend

The company 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 dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is 109.19%.

Wall Street Analyst Weigh In

SPG has been the topic of a number of research analyst reports. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Piper Sandler restated a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Scotiabank upped their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, Truist Financial raised their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $162.78.

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.