Washington Trust Bank Cuts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Washington Trust Bank decreased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,709 shares of the real estate investment trust’s stock after selling 64 shares during the period. Washington Trust Bank’s holdings in Simon Property Group were worth $458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its position in shares of Simon Property Group by 18,764.1% in the third quarter. International Assets Investment Management LLC now owns 892,085 shares of the real estate investment trust’s stock valued at $150,780,000 after purchasing an additional 887,356 shares during the period. Vanguard Group Inc. boosted its holdings in Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Strategic Financial Concepts LLC boosted its holdings in Simon Property Group by 16,795.2% in the 2nd quarter. Strategic Financial Concepts LLC now owns 424,070 shares of the real estate investment trust’s stock worth $64,374,000 after buying an additional 421,560 shares during the last quarter. Castle Hook Partners LP increased its stake in Simon Property Group by 182.0% during the 1st quarter. Castle Hook Partners LP now owns 480,692 shares of the real estate investment trust’s stock worth $75,223,000 after buying an additional 310,207 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Simon Property Group by 5,778.7% during the second quarter. Los Angeles Capital Management LLC now owns 265,954 shares of the real estate investment trust’s stock valued at $40,372,000 after acquiring an additional 261,430 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Trading Up 0.4 %

Shares of Simon Property Group stock traded up $0.62 during mid-day trading on Thursday, hitting $174.23. The stock had a trading volume of 18,907 shares, compared to its average volume of 1,437,474. The firm has a 50-day moving average of $168.89 and a two-hundred day moving average of $157.07. The firm has a market cap of $56.81 billion, a P/E ratio of 23.12, a price-to-earnings-growth ratio of 9.79 and a beta of 1.74. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a 12-month low of $113.40 and a 12-month high of $178.71.

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 for the quarter, missing the consensus estimate of $3.00 by ($1.54). The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.20 earnings per share. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.83 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 4.82%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 109.19%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of the stock in a transaction on Monday, September 30th. The stock was bought 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 directly owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 8.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Mizuho lifted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial increased their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Scotiabank boosted their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Finally, Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company 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.