InTrack Investment Management Inc Sells 80 Shares of Simon Property Group, Inc. (NYSE:SPG)

InTrack Investment Management Inc cut its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,088 shares of the real estate investment trust’s stock after selling 80 shares during the period. InTrack Investment Management Inc’s holdings in Simon Property Group were worth $483,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SPG. Cape Investment Advisory Inc. boosted its holdings in shares of Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 192 shares during the period. BOK Financial Private Wealth Inc. purchased a new position in Simon Property Group during the 4th quarter valued at about $34,000. Bruce G. Allen Investments LLC bought a new stake in shares of Simon Property Group during the fourth quarter valued at about $41,000. Indiana Trust & Investment Management CO bought a new stake in shares of Simon Property Group during the first quarter valued at about $41,000. Finally, Rise Advisors LLC lifted its holdings in shares of Simon Property Group by 145.9% in the first quarter. Rise Advisors LLC now owns 273 shares of the real estate investment trust’s stock worth $43,000 after buying an additional 162 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Trading Up 0.9 %

SPG stock traded up $1.26 during midday trading on Tuesday, hitting $147.78. The company had a trading volume of 1,111,231 shares, compared to its average volume of 1,505,386. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $157.82. The stock has a market cap of $48.17 billion, a price-to-earnings ratio of 18.80, a PEG ratio of 9.02 and a beta of 1.75. The stock’s 50 day moving average price is $147.71 and its 200 day moving average price is $146.77.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.74 EPS. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $2.00 dividend. The ex-dividend date was Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.41%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz bought 486 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was purchased at an average cost of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Scotiabank upped their target price on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Argus boosted their price objective on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Finally, Truist Financial upped their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $147.60.

Simon Property Group 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.