Lindbrook Capital LLC Acquires 602 Shares of Simon Property Group, Inc. (NYSE:SPG)

Lindbrook Capital LLC grew its holdings in Simon Property Group, Inc. (NYSE:SPG) by 34.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,328 shares of the real estate investment trust’s stock after purchasing an additional 602 shares during the quarter. Lindbrook Capital LLC’s holdings in Simon Property Group were worth $393,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Clearstead Trust LLC purchased a new stake in Simon Property Group during the first quarter worth $25,000. EntryPoint Capital LLC purchased a new stake in shares of Simon Property Group during the 1st quarter worth $26,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group during the second quarter valued at about $25,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group in the second quarter valued at about $27,000. Finally, Capital Performance Advisors LLP bought a new position in Simon Property Group in the third quarter worth about $30,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following 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 filing with the SEC, which is available through the SEC website. 8.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SPG has been the topic of a number of analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Scotiabank raised their price target 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. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $162.78.

Simon Property Group Stock Up 1.9 %

NYSE:SPG opened at $179.02 on Friday. The firm has a market capitalization of $58.37 billion, a P/E ratio of 23.84, a PEG ratio of 9.89 and a beta of 1.74. The company’s fifty day moving average price is $169.33 and its 200-day moving average price is $157.46. Simon Property Group, Inc. has a 1-year low of $113.40 and a 1-year high of $179.46. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04.

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 (EPS) for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the firm earned $3.20 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Simon Property Group, Inc. will post 12.81 EPS for the current 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 paid a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 4.69%. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is currently 111.85%.

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.