Douglas Lane & Associates LLC Sells 6,739 Shares of Simon Property Group, Inc. (NYSE:SPG)

by · The Markets Daily

Douglas Lane & Associates LLC cut its stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 2.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 246,443 shares of the real estate investment trust’s stock after selling 6,739 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Simon Property Group were worth $41,654,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Clearstead Trust LLC bought a new position in Simon Property Group in the 1st quarter worth $25,000. EntryPoint Capital LLC purchased a new stake in shares of Simon Property Group in the 1st quarter worth about $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Simon Property Group in the 2nd quarter worth about $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Simon Property Group in the 2nd quarter worth about $27,000. Finally, Pathway Financial Advisers LLC purchased a new stake in shares of Simon Property Group in the 1st quarter worth about $29,000. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Stock Performance

SPG traded up $2.95 during midday trading on Friday, hitting $170.78. 1,135,442 shares of the company traded hands, compared to its average volume of 1,683,032. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The firm has a market capitalization of $55.68 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 9.20 and a beta of 1.74. The company’s 50-day moving average is $163.88 and its 200 day moving average is $153.91. Simon Property Group, Inc. has a 52 week low of $104.05 and a 52 week high of $171.51.

Simon Property Group (NYSE:SPG – Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the company earned $2.88 EPS. Simon Property Group’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, research analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were paid a dividend of $2.05 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.80%. Simon Property Group’s dividend payout ratio (DPR) is presently 104.19%.

Insider Buying and Selling at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of the business’s stock in a transaction on Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. 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 report on Monday, September 16th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Mizuho increased 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. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Scotiabank increased their price objective on shares of 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 investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and an average target price of $162.78.

Check Out Our Latest Research Report on Simon Property Group

Simon Property Group Company Profile

(Free Report)

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.

Further Reading

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