Lodestone Wealth Management LLC Has $3.31 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Lodestone Wealth Management LLC lessened its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.6% in the third quarter, HoldingsChannel.com reports. The firm owned 19,603 shares of the real estate investment trust’s stock after selling 111 shares during the quarter. Simon Property Group accounts for approximately 1.6% of Lodestone Wealth Management LLC’s portfolio, making the stock its 18th biggest holding. Lodestone Wealth Management LLC’s holdings in Simon Property Group were worth $3,313,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Optas LLC increased its position in shares of Simon Property Group by 31.9% during the third quarter. Optas LLC now owns 1,765 shares of the real estate investment trust’s stock worth $298,000 after buying an additional 427 shares during the period. Farther Finance Advisors LLC boosted its position in Simon Property Group by 46.5% during the third quarter. Farther Finance Advisors LLC now owns 2,781 shares of the real estate investment trust’s stock valued at $470,000 after acquiring an additional 883 shares during the last quarter. Capital Advisors Inc. OK grew its holdings in Simon Property Group by 12.6% during the 3rd quarter. Capital Advisors Inc. OK now owns 313,477 shares of the real estate investment trust’s stock worth $52,984,000 after acquiring an additional 35,155 shares during the period. Jacobson & Schmitt Advisors LLC bought a new position in shares of Simon Property Group in the 3rd quarter worth about $203,000. Finally, Cornerstone Wealth Group LLC lifted its stake in shares of Simon Property Group by 1.9% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 22,665 shares of the real estate investment trust’s stock valued at $3,831,000 after purchasing an additional 423 shares during the period. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SPG. Mizuho raised their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Scotiabank lifted their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Piper Sandler reissued a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Truist Financial upped their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $162.78.

Simon Property Group Stock Down 0.8 %

Simon Property Group stock opened at $167.70 on Friday. The firm has a market capitalization of $54.68 billion, a price-to-earnings ratio of 21.31, a price-to-earnings-growth ratio of 9.61 and a beta of 1.74. The firm’s fifty day moving average price is $168.55 and its two-hundred day moving average price is $156.39. Simon Property Group, Inc. has a 1-year low of $113.40 and a 1-year high of $177.08. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.88 EPS. On average, 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 business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 5.01%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is 104.19%.

Insider Activity 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 shares were bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 8.50% of the stock is currently owned by insiders.

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.