Lake Street Advisors Group LLC Sells 221 Shares of Simon Property Group, Inc. (NYSE:SPG)

Lake Street Advisors Group LLC cut its position in Simon Property Group, Inc. (NYSE:SPG) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,373 shares of the real estate investment trust’s stock after selling 221 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Simon Property Group were worth $2,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of SPG. Weil Company Inc. purchased a new stake in shares of Simon Property Group in the second quarter worth $236,000. Candriam S.C.A. raised its holdings in shares of Simon Property Group by 238.7% in the 2nd quarter. Candriam S.C.A. now owns 70,673 shares of the real estate investment trust’s stock valued at $10,728,000 after acquiring an additional 49,806 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Simon Property Group by 34.3% during the 2nd quarter. Private Advisor Group LLC now owns 31,862 shares of the real estate investment trust’s stock valued at $4,837,000 after acquiring an additional 8,132 shares during the last quarter. New York Life Investment Management LLC grew its holdings in shares of Simon Property Group by 1.0% during the second quarter. New York Life Investment Management LLC now owns 49,549 shares of the real estate investment trust’s stock worth $7,522,000 after purchasing an additional 484 shares in the last quarter. Finally, Foundry Partners LLC increased its position in shares of Simon Property Group by 18.7% in the second quarter. Foundry Partners LLC now owns 205,141 shares of the real estate investment trust’s stock worth $31,140,000 after purchasing an additional 32,344 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Scotiabank raised their price target on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Stifel Nicolaus raised their price objective on Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a report on Tuesday, August 6th. Truist Financial upped their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Piper Sandler reissued a “neutral” rating and set a $175.00 price target (down from $190.00) on shares of Simon Property Group in a research note on Tuesday. Finally, Argus upped their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $161.28.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were purchased at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 8.50% of the stock is owned by insiders.

Simon Property Group Stock Up 0.2 %

NYSE:SPG opened at $164.52 on Friday. The firm has a 50-day simple moving average of $155.87 and a two-hundred day simple moving average of $151.13. The firm has a market cap of $53.62 billion, a P/E ratio of 20.96, a P/E/G ratio of 9.17 and a beta of 1.75. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. Simon Property Group’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.88 earnings per share. Analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a $2.05 dividend. This represents a $8.20 annualized dividend and a yield of 4.98%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.