L & S Advisors Inc Sells 6,976 Shares of Simon Property Group, Inc. (NYSE:SPG)

L & S Advisors Inc trimmed its stake in Simon Property Group, Inc. (NYSE:SPG) by 14.9% in the third quarter, Holdings Channel reports. The firm owned 39,949 shares of the real estate investment trust’s stock after selling 6,976 shares during the quarter. L & S Advisors Inc’s holdings in Simon Property Group were worth $6,752,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SPG. Covestor Ltd lifted its position in shares of Simon Property Group by 58.9% in the first quarter. Covestor Ltd now owns 259 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 96 shares during the last quarter. InterOcean Capital Group LLC acquired a new stake in shares of Simon Property Group in the first quarter valued at approximately $219,000. Natixis lifted its holdings in Simon Property Group by 14.9% during the 1st quarter. Natixis now owns 33,365 shares of the real estate investment trust’s stock worth $5,221,000 after purchasing an additional 4,319 shares during the last quarter. Crewe Advisors LLC acquired a new stake in Simon Property Group during the 1st quarter worth approximately $41,000. Finally, Shell Asset Management Co. lifted its holdings in Simon Property Group by 36.6% during the 1st quarter. Shell Asset Management Co. now owns 3,241 shares of the real estate investment trust’s stock worth $507,000 after purchasing an additional 868 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Trading Down 0.2 %

NYSE:SPG opened at $180.91 on Thursday. The company has a market cap of $59.03 billion, a P/E ratio of 24.09, a P/E/G ratio of 10.57 and a beta of 1.74. The stock’s fifty day moving average price is $171.85 and its two-hundred day moving average price is $159.67. Simon Property Group, Inc. has a 1 year low of $119.92 and a 1 year high of $182.84. 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 issued its quarterly earnings data 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). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the business posted $3.20 EPS. The company’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, analysts expect that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced 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 represents a $8.40 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date is Monday, December 9th. 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%.

Analysts Set New Price Targets

Several equities analysts have weighed in on SPG shares. Mizuho lifted their price objective on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Truist Financial lifted their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $162.78.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the business’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 purchase, 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 filing with the SEC, which is available at this link. 8.50% of the stock is owned by insiders.

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.