MetLife Investment Management LLC Sells 7,621 Shares of Simon Property Group, Inc. (NYSE:SPG)

MetLife Investment Management LLC trimmed its stake in Simon Property Group, Inc. (NYSE:SPG) by 7.6% in the third quarter, HoldingsChannel.com reports. The firm owned 93,061 shares of the real estate investment trust’s stock after selling 7,621 shares during the period. MetLife Investment Management LLC’s holdings in Simon Property Group were worth $15,729,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Simon Property Group in the second quarter valued at about $25,000. EntryPoint Capital LLC bought a new stake in shares of Simon Property Group in the 1st quarter valued at $26,000. Wetzel Investment Advisors Inc. bought a new stake in Simon Property Group during the second quarter valued at $27,000. RFP Financial Group LLC grew its holdings in Simon Property Group by 727.3% during the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 160 shares during the period. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Simon Property Group in the 1st quarter valued at about $29,000. 93.01% of the stock is owned by institutional investors.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $183.75 on Thursday. The stock has a market cap of $59.95 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 10.51 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. Simon Property Group, Inc. has a fifty-two week low of $120.50 and a fifty-two week high of $186.00. The firm’s 50-day simple moving average is $173.63 and its 200 day simple moving average is $160.88.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $3.20 earnings per share. As a group, research analysts anticipate that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.57%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. Simon Property Group’s payout ratio is currently 109.19%.

Analyst Upgrades and Downgrades

SPG has been the subject of several research analyst reports. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Truist Financial raised their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Piper Sandler reiterated 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. Mizuho raised their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Finally, Scotiabank boosted their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $162.78.

Insider Transactions at Simon Property Group

In other news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.60% of the company’s stock.

Simon Property Group 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.