tru Independence LLC Reduces Position in Simon Property Group, Inc. (NYSE:SPG)

tru Independence LLC decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 45,685 shares of the real estate investment trust’s stock after selling 245 shares during the period. Simon Property Group comprises approximately 2.1% of tru Independence LLC’s holdings, making the stock its 14th largest position. tru Independence LLC’s holdings in Simon Property Group were worth $6,935,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Diligent Investors LLC raised its stake in Simon Property Group by 0.5% in the second 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 last quarter. Augustine Asset Management Inc. boosted its position in 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 worth $282,000 after purchasing an additional 68 shares in the last quarter. TIAA Trust National Association lifted its holdings in Simon Property Group by 3.7% during the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after purchasing an additional 69 shares in the last quarter. Inspire Advisors LLC increased its stake in Simon Property Group by 1.7% during the 1st quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock worth $646,000 after buying an additional 70 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its position in shares of Simon Property Group by 26.9% in the second quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 73 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 0.2 %

SPG stock opened at $164.50 on Friday. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $169.18. The stock has a market capitalization of $53.62 billion, a P/E ratio of 20.96, a PEG ratio of 9.05 and a beta of 1.74. The company has a 50 day moving average price of $155.87 and a two-hundred day moving average price of $151.15. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the business posted $2.88 earnings per share. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.98%. Simon Property Group’s dividend payout ratio is 104.46%.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz acquired 486 shares of the stock in a transaction dated Friday, June 28th. The stock was bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the purchase, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a filing with the SEC, which is available through this link. 8.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SPG. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Truist Financial boosted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Evercore ISI boosted their price target on Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, Scotiabank lifted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group has a consensus rating of “Hold” and a consensus target price of $161.28.

Simon Property Group Company Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.