Simon Property Group, Inc. (NYSE:SPG) Shares Bought by Payden & Rygel

Payden & Rygel grew its stake in Simon Property Group, Inc. (NYSE:SPG) by 12.3% in the third quarter, Holdings Channel.com reports. The firm owned 97,050 shares of the real estate investment trust’s stock after acquiring an additional 10,600 shares during the quarter. Payden & Rygel’s holdings in Simon Property Group were worth $16,403,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Smead Capital Management Inc. lifted its holdings in Simon Property Group by 3.5% in the third quarter. Smead Capital Management Inc. now owns 2,620,355 shares of the real estate investment trust’s stock valued at $442,892,000 after acquiring an additional 88,378 shares during the last quarter. Boston Partners boosted its position in shares of Simon Property Group by 4.2% during the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock worth $363,165,000 after buying an additional 92,648 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Simon Property Group by 1.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,487,897 shares of the real estate investment trust’s stock valued at $251,484,000 after buying an additional 25,519 shares during the period. Los Angeles Capital Management LLC lifted its stake in Simon Property Group by 373.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock worth $212,906,000 after acquiring an additional 993,694 shares in the last quarter. Finally, PGGM Investments boosted its holdings in Simon Property Group by 1.9% during the 2nd quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock valued at $187,947,000 after acquiring an additional 23,186 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on SPG. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price target for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Mizuho upped their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $162.78.

Insider Activity

In related news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price 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 $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 8.60% of the company’s stock.

Simon Property Group Price Performance

Shares of NYSE SPG traded down $0.99 during mid-day trading on Wednesday, reaching $180.22. 156,746 shares of the company traded hands, compared to its average volume of 1,429,626. Simon Property Group, Inc. has a fifty-two week low of $119.92 and a fifty-two week high of $182.84. The firm has a market cap of $58.80 billion, a PE ratio of 24.13, a price-to-earnings-growth ratio of 10.52 and a beta of 1.74. The stock has a fifty day simple moving average of $171.50 and a 200-day simple moving average of $159.52. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last announced its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the business earned $3.20 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS 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. Shareholders of record on Monday, December 9th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.66%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is currently 109.19%.

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.