Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by Glenmede Trust Co. NA

Glenmede Trust Co. NA raised its stake in Simon Property Group, Inc. (NYSE:SPG) by 477.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,451 shares of the real estate investment trust’s stock after purchasing an additional 83,049 shares during the period. Glenmede Trust Co. NA’s holdings in Simon Property Group were worth $16,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Silvercrest Asset Management Group LLC purchased a new position in Simon Property Group in the first quarter worth approximately $208,000. Tidal Investments LLC grew its stake in shares of Simon Property Group by 19.5% during the first quarter. Tidal Investments LLC now owns 12,849 shares of the real estate investment trust’s stock worth $2,006,000 after purchasing an additional 2,099 shares in the last quarter. Swedbank AB acquired a new stake in Simon Property Group in the first quarter valued at $20,707,000. Atria Investments Inc lifted its holdings in Simon Property Group by 6.0% during the 1st quarter. Atria Investments Inc now owns 27,651 shares of the real estate investment trust’s stock worth $4,327,000 after buying an additional 1,554 shares during the last quarter. Finally, Burney Co. acquired a new position in shares of Simon Property Group during the 1st quarter worth about $210,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $183.75 on Friday. The stock’s 50-day moving average price is $173.96 and its 200 day moving average price is $161.04. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The stock has a market capitalization of $59.95 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 10.73 and a beta of 1.74. Simon Property Group, Inc. has a 52-week low of $120.50 and a 52-week high of $186.00.

Simon Property Group (NYSE:SPG) last announced its earnings results 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). 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 analysts’ expectations of $1.32 billion. During the same quarter last year, the business posted $3.20 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities research analysts forecast that Simon Property Group, Inc. will post 12.78 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a $2.10 dividend. 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. This represents a $8.40 annualized dividend and a dividend yield of 4.57%. Simon Property Group’s payout ratio is presently 109.19%.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the business’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SPG. Scotiabank raised their target price on 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. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Mizuho upped their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Seven equities research 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, the company has an average rating of “Hold” and a consensus 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.