Inspire Advisors LLC Acquires 65 Shares of Simon Property Group, Inc. (NYSE:SPG)

Inspire Advisors LLC grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,118 shares of the real estate investment trust’s stock after purchasing an additional 65 shares during the quarter. Inspire Advisors LLC’s holdings in Simon Property Group were worth $696,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SPG. Diligent Investors LLC boosted its position in Simon Property Group by 0.5% in the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after buying an additional 68 shares during the period. Augustine Asset Management Inc. raised its stake in shares of Simon Property Group by 3.8% during the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 68 shares in the last quarter. Bleakley Financial Group LLC boosted its holdings in shares of 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 purchasing an additional 68 shares during the period. TIAA Trust National Association grew its stake in Simon Property Group by 3.7% in the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after purchasing an additional 69 shares in the last quarter. Finally, Mark Asset Management LP increased its holdings in Simon Property Group by 0.9% during the 2nd quarter. Mark Asset Management LP now owns 8,095 shares of the real estate investment trust’s stock worth $1,229,000 after purchasing an additional 72 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. 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 report on Wednesday, August 28th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Mizuho increased their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Piper Sandler restated a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and an average target price of $162.78.

Insiders Place Their Bets

In related news, Director Allan B. Hubbard acquired 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. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Simon Property Group Stock Up 1.5 %

Shares of Simon Property Group stock opened at $176.90 on Friday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The company has a market cap of $57.68 billion, a P/E ratio of 22.48, a PEG ratio of 9.41 and a beta of 1.74. The firm’s 50 day moving average price is $165.93 and its 200-day moving average price is $154.59. Simon Property Group, Inc. has a 52-week low of $104.05 and a 52-week high of $177.08.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.88 earnings per share. On average, sell-side analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s dividend payout ratio is currently 104.19%.

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.