Genesee Capital Advisors LLC Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)

Genesee Capital Advisors LLC reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 5.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,140 shares of the real estate investment trust’s stock after selling 319 shares during the period. Genesee Capital Advisors LLC’s holdings in Simon Property Group were worth $869,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Simon Property Group by 1.5% during the first quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after buying an additional 672,941 shares during the period. Boston Partners increased its stake in shares of Simon Property Group by 4.2% during the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after buying an additional 92,648 shares during the period. Centersquare Investment Management LLC increased its stake in shares of Simon Property Group by 4.5% during the first quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock valued at $283,905,000 after buying an additional 78,866 shares during the period. PGGM Investments increased its stake in shares of Simon Property Group by 1.9% during the second quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock valued at $187,947,000 after buying an additional 23,186 shares during the period. Finally, Hsbc Holdings PLC boosted its position in shares of Simon Property Group by 6.7% during the second quarter. Hsbc Holdings PLC now owns 1,074,587 shares of the real estate investment trust’s stock valued at $162,689,000 after purchasing an additional 67,513 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the purchase, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SPG shares. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Scotiabank boosted their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Truist Financial boosted 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. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Finally, Piper Sandler reissued a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Stock Performance

SPG traded down $2.87 during midday trading on Monday, reaching $174.05. The company had a trading volume of 347,630 shares, compared to its average volume of 1,456,934. 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 business has a 50-day moving average of $165.93 and a two-hundred day moving average of $154.66. The company has a market cap of $56.75 billion, a P/E ratio of 22.48, a P/E/G ratio of 9.70 and a beta of 1.74. Simon Property Group, Inc. has a 1 year low of $104.05 and a 1 year high of $177.08.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The company 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%. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.88 EPS. As a group, equities research 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 was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were paid a $2.05 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.71%. Simon Property Group’s dividend payout ratio is 104.19%.

Simon Property Group Company 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.