Cinctive Capital Management LP Acquires Shares of 55,346 Simon Property Group, Inc. (NYSE:SPG)

Cinctive Capital Management LP bought a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the third quarter, according to its most recent filing with the SEC. The fund bought 55,346 shares of the real estate investment trust’s stock, valued at approximately $9,355,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC purchased a new position in shares of Simon Property Group in the second quarter worth about $25,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Simon Property Group during the 2nd quarter valued at about $27,000. Capital Performance Advisors LLP bought a new stake in Simon Property Group in the 3rd quarter worth approximately $30,000. RFP Financial Group LLC boosted its stake 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 buying an additional 160 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Simon Property Group during the second quarter valued at approximately $30,000. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on SPG shares. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Mizuho boosted their price objective on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Piper Sandler restated 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 cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $159.00 target price (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 given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $162.78.

Insider Buying and Selling at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 1.09 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is owned by company insiders.

Simon Property Group Price Performance

SPG stock opened at $183.60 on Monday. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. The firm has a market capitalization of $59.91 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 10.72 and a beta of 1.74. The firm has a 50 day moving average price of $174.30 and a 200-day moving average price of $161.46. Simon Property Group, Inc. has a 52-week low of $122.50 and a 52-week high of $186.00.

Simon Property Group (NYSE:SPG) last released its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS 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 company 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 firm posted $3.20 earnings per share. The company’s revenue was up 4.9% compared to the same quarter last year. Equities research analysts forecast that Simon Property Group, Inc. will post 12.78 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed 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 4.58%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio is 109.19%.

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.