Advisors Asset Management Inc. Purchases 1,387 Shares of Simon Property Group, Inc. (NYSE:SPG)

Advisors Asset Management Inc. boosted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 8.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,874 shares of the real estate investment trust’s stock after purchasing an additional 1,387 shares during the quarter. Advisors Asset Management Inc.’s holdings in Simon Property Group were worth $3,021,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in SPG. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Simon Property Group by 126.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,279 shares of the real estate investment trust’s stock valued at $1,568,000 after buying an additional 5,177 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Simon Property Group by 51.4% during the third quarter. PNC Financial Services Group Inc. now owns 335,906 shares of the real estate investment trust’s stock worth $56,775,000 after acquiring an additional 114,088 shares in the last quarter. Parnassus Investments LLC grew its stake in Simon Property Group by 1.2% in the third quarter. Parnassus Investments LLC now owns 718,854 shares of the real estate investment trust’s stock valued at $121,501,000 after acquiring an additional 8,619 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Simon Property Group in the third quarter worth about $1,590,000. Finally, Fifth Third Wealth Advisors LLC raised its position in shares of Simon Property Group by 3.5% during the third quarter. Fifth Third Wealth Advisors LLC now owns 3,554 shares of the real estate investment trust’s stock worth $601,000 after purchasing an additional 120 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Down 0.4 %

NYSE SPG opened at $181.14 on Friday. Simon Property Group, Inc. has a fifty-two week low of $119.92 and a fifty-two week high of $183.96. The business has a fifty day moving average price of $172.55 and a two-hundred day moving average price of $160.16. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market capitalization of $59.10 billion, a PE ratio of 24.12, a PEG ratio of 10.61 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.20 EPS. Equities analysts expect that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed 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 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 yield of 4.64%. Simon Property Group’s dividend payout ratio is presently 109.19%.

Analyst Ratings Changes

SPG has been the topic of several research analyst reports. Scotiabank raised their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Mizuho boosted 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 report on Monday, August 19th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Piper Sandler reissued a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Truist Financial upped 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. Seven 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.com, Simon Property Group currently has an average rating of “Hold” and a consensus target price of $162.78.

Insider Buying and Selling at Simon Property Group

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

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.