Lake Street Advisors Group LLC Sells 221 Shares of Simon Property Group, Inc. (NYSE:SPG)

Lake Street Advisors Group LLC reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 1.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 19,373 shares of the real estate investment trust’s stock after selling 221 shares during the period. Lake Street Advisors Group LLC’s holdings in Simon Property Group were worth $2,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Clearstead Trust LLC purchased a new position in Simon Property Group in the first quarter worth about $25,000. Opal Wealth Advisors LLC bought a new position in shares of Simon Property Group in the 2nd quarter worth approximately $25,000. EntryPoint Capital LLC purchased a new position in shares of Simon Property Group in the first quarter worth approximately $26,000. Cape Investment Advisory Inc. grew its position in Simon Property Group by 3,200.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 192 shares during the period. Finally, RFP Financial Group LLC grew its position in Simon Property Group by 727.3% during the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 160 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

NYSE SPG opened at $164.52 on Friday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $169.18. The business has a 50-day moving average price of $155.87 and a 200-day moving average price of $151.13. The firm has a market cap of $53.62 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 9.17 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results 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). The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.88 earnings per share. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.85 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, September 30th. Shareholders of record on Monday, September 9th will be issued a $2.05 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date of this dividend is Monday, September 9th. Simon Property Group’s payout ratio is currently 104.46%.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 486 shares of Simon Property Group stock in a transaction dated Friday, June 28th. The shares were purchased at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SPG has been the topic of several recent research reports. Truist Financial lifted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Mizuho raised their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Stifel Nicolaus boosted their price target on Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a report on Tuesday, August 6th. 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. Finally, Argus boosted their price objective on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $161.28.

Simon Property Group Company 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.