Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Concentric Wealth Management LLC

Concentric Wealth Management LLC trimmed its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,091 shares of the real estate investment trust’s stock after selling 79 shares during the period. Concentric Wealth Management LLC’s holdings in Simon Property Group were worth $5,255,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Simon Property Group by 11.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after acquiring an additional 3,626 shares during the last quarter. Red Cedar Investment Management LLC increased its stake in shares of Simon Property Group by 153.2% in the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after buying an additional 10,644 shares during the last quarter. TTP Investments Inc. boosted its stake in Simon Property Group by 42.0% during the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock valued at $5,796,000 after acquiring an additional 10,147 shares during the last quarter. Forte Capital LLC ADV bought a new stake in shares of Simon Property Group in the 3rd quarter worth about $630,000. Finally, Radnor Capital Management LLC bought a new position in shares of Simon Property Group during the third quarter worth about $1,602,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Buying and Selling

In related news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 8.60% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG opened at $181.14 on Monday. Simon Property Group, Inc. has a 12-month low of $119.92 and a 12-month high of $183.96. The stock has a market capitalization of $59.10 billion, a P/E ratio of 24.12, a P/E/G ratio of 10.57 and a beta of 1.74. The firm’s 50 day moving average is $172.55 and its 200-day moving average is $160.25. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 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 firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the business posted $3.20 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared 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 annualized dividend and a yield of 4.64%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. Simon Property Group’s payout ratio is presently 109.19%.

Analyst Ratings Changes

Several brokerages recently weighed in on SPG. Mizuho boosted their price objective on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price target for the company from $160.00 to $172.00 in a research report on Monday, September 16th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Truist Financial raised 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. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price 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.