Prana Capital Management LP Has $19.33 Million Holdings in Simon Property Group, Inc. (NYSE:SPG)

Prana Capital Management LP decreased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 30.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 114,369 shares of the real estate investment trust’s stock after selling 51,057 shares during the quarter. Simon Property Group accounts for approximately 0.9% of Prana Capital Management LP’s investment portfolio, making the stock its 28th largest position. Prana Capital Management LP’s holdings in Simon Property Group were worth $19,331,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Aptus Capital Advisors LLC increased its stake in Simon Property Group by 3.9% in the third 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 last quarter. Inspire Advisors LLC raised its holdings 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 worth $696,000 after buying an additional 65 shares in the last quarter. Diligent Investors LLC raised its holdings 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 worth $2,086,000 after buying an additional 68 shares in the last quarter. Augustine Asset Management Inc. lifted 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 worth $282,000 after buying an additional 68 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its stake in Simon Property Group by 1.1% in the third quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after buying an additional 68 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Trading Down 0.4 %

SPG opened at $180.67 on Wednesday. The stock has a market cap of $58.95 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 10.59 and a beta of 1.75. 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, Inc. has a twelve month low of $127.60 and a twelve month high of $186.00. The company has a fifty day moving average of $174.78 and a 200-day moving average of $161.91.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the business posted $3.20 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts predict that Simon Property Group, Inc. will post 12.78 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date of this dividend is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is presently 109.19%.

Insiders Place Their Bets

In other news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group 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 completion of the purchase, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on SPG shares. Scotiabank increased 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 report on Monday, August 26th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price target for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho boosted their price objective on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Stifel Nicolaus reissued a “hold” rating and set a $159.00 price target (up 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. According to MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and an average target price of $162.78.

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.